Ontario Watchdog to Gather Info on Crypto Exchanges

According to representative of Ontario Securities Commission they received a "number of complaints" on exchanges
09 April 2018   415

Ontario Securities Commission (OSC) began to study the activities of local crypto exchanges. According to OSC representative Kristen Rose, the agency received a "number of complaints" on platforms selling cryptocurrencies that can be qualified as securities. This is reported by CoinDesk.

These platforms,  and any businesses that allow coins/tokens that are securities to trade on them, may be offside securities laws.

Kristen Rose

Representative, OSC

In accordance with local laws, exchanges are required to file an application with the OSC and be officially recognized. Thus, companies should document various aspects of their activities, including principles of corporate governance, commissions, necessary requirements for access to services and so on.

According to the publication, none of the platforms that are currently studying the OSC, is not legally recognized in Ontario. At the same time, the Commission notes that this is not yet a full-scale investigation, because at the moment "gathering information about [the platforms'] activities."

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   153

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.