Canada Urges Alert: No Crypto Exchange guarantees Safety

The Canadian Securities Administrators (CSA) published a warning note to investors that called for caution when trading on cryptocurrency exchanges
11 June 2018   896

Although online exchanges declaring to be registered or verified, the CSA explained that none of them were accepted officially in Canada. The CSA is the governmental structure on regulating securities in Canada. Its jurisdiction is spread over 10 provinces and 3 areas and is responsible for developing a proper framework for securities trading and investor protection. The CSA-published warning urged the Canadian residents to be careful when dealing with cryptocurrency trading platforms, because no operator has the requisite permission to formally conduct trading operations in the country.

We want investors to understand that just because a platform may advertise itself as an exchange, that does not mean the platform is complying with applicable securities regulations.
Louis Morisset
Chair, CSA

Any investor with a cryptocurrency exchange account can not be defended according to Canadian securities and investor laws. In the unforeseen scenario that a firm gets shut down, loses its users’ funds, or is attacked, an investor can lose the entire balance they kept with the entity with little recourse available from the CSA or otherwise. 

The law informs that any such exchange seeking registration to process as a crypto exchange to service Canadian investors have to ensure “secure handling of client funds, appropriate safekeeping and protection of assets, confidentiality safeguards for personal information, reliable processes for pricing and trading in crypto assets, appropriate investor pre-trade disclosures and measures against market manipulation and other harmful practices.”

The note resembles CSA-published letter in August 2017, that alerted investors about the cryptocurrency prices that could differ from region to region giving rise to arbitrage possibilities. The high arbitrage, however, was estimated by authorities as harmful for retail investors.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   108

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.