Published On: Sun, Apr 8th, 2018

Canada Keeping Their Eye on Unauthorized Exchanges

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Due to complaints received, the Ontario Securities Commission in Canada is in the process of investigating crypto exchanges in a bid to ensure that they are adhering to the country’s securities laws.
The amount of different digital currencies available to trade has increased exponentially since Bitcoin was developed in 2009. In fact, the latter went from being the dominant crypto to being responsible for less than 50% of the total market cap.
This variety of virtual currencies, and their drastic price increases in 2017, has opened up the market to anyone who can afford to invest, novice or not.
However, because of the decentralized nature of cryptocurrencies, there exists a bit of a Wild West scenario, something that regulators are pushing to change, with most new regulations applying to both ICOs and cryptocurrency exchanges.

Investigating Exchanges
Based on this, Canada’s Ontario Securities Commission has said that unauthorized cryptocurrency exchanges in the country could be facing the might of the law. According to The Star, Kristen Rose, who is the spokesperson for the commission, elaborated:
“We are aware of several cryptocurrency trading platforms operating in Ontario and are gathering information about their activities. To date, none have been recognized …

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