After receiving multiple complaints about crypto trading platforms, the Ontario Securities Commission () is examining these businesses to decide on their legality, as suggested by a report.
Crypto-Exchanges May not Be Compliant
The buying and selling of digital tokens on cryptocurrency exchanges may conflict with the security laws, according to Ontario’s regulatory body.
A spokesperson of the commission, Kristen Rose, informed news that they are aware of several cryptocurrency trading platforms operating in Ontario, and are actively gathering information about their business. However, the statements confirm that absolutely none of them are recognized legally as an exchange, or in some cases, have been exempted from recognition.
If a cryptocurrency exchange is carrying out business in the sovereignty of Canada, it is mandatory for that exchange to register and abide by that jurisdiction’s securities commision for recognition. Rose iterated the following:
“Exchange marketplaces are required to adhere to the governing exchanges or other trading systems. Since crypto platforms offer trading options, they are classified as a marketplace.”
ICOs and Exchanges Face the Heat
Recently, there’s been a rise in the number of ICOs launching new tokens, and similarly, a significant increase in the exchanges to trade those digital tokens. The simultaneous growth in unregulated businesses has prompted the regulator to take note of the crypto trading industry, and possibly introduce specific regulations.
Regulations would also help future businesses in staying complaint, as the allure of digital currencies attracts a lot of startups and individuals to this market.
In particular, the regulators are working out the business models of exchanges and ICOs, as these unregulated avenues give rise to scams resulting in massive investor losses.
ICOs and Exchanges also on U.S SEC’s Radar
The Securities and Exchange Commission (), in the U.S, has already been investigating a number of cryptocurrency exchanges and ICOs and has already cracked down on several.
Earlier in February 2018 BitFunder, which was operating as an unregistered securities exchange, was charged with by the SEC. The regulator notes that registration is necessary for any firm that wishes to engage in any activity related to the national securities exchange, including digital assets, tokens or coins.
Additionally, the SEC has made a point to focus on these types of platforms in order to safeguard and keep relevant security laws in check.
Australia Taking Similar Steps
In the past week, Australia also took measures to rule out all fraudulent crypto-related activities. It new regulations that make it mandatory for all cryptocurrency exchange platforms to register and comply with anti-money laundering regulations.
If they fail to do so, they would be eligible to face criminal charges and other civil penalties.
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After disappointing news for litecoin users following the failure of LitePay, Charlie Lee recently highlighted that litecoin-branded debit cards would soon be made available via TenX.
Right from its inception, the mantra for TenX has been to create a robust cryptocurrency payment platform, with the goal of making it easy to use cryptocurrencies in the real world. To this end, the TenX platform encompasses bank accounts, ATMs, physical debit cards, wallets and many other features.
The TenX ICO raised about , from the sale of 200,000 ETH. The funds raised from the ICO were for the development of the platform’s cryptocurrency-powered debit card, banking license application, and the creation of the .
Litecoin Support on the TenX Wallet
In a blog post published on the TenX Medium account, the platform announced that it had added support for on the TenX wallet service. This new LTC support is available for both the and TenX wallet apps. This move is in line with the platform’s goal to support cryptocurrency assets across multiple blockchains.
The post also revealed that LTC support had already been added to the platform a week prior to the announcement. The addition was made to ensure a much more organic adoption rate while final live testing activities were still being done. The team at TenX will be using this same approach when dealing with new coin integrations to ensure organic adoption rates, stability, as well as wide availability.
Upcoming Litecoin Debit Card
With major credit card companies , it is perhaps incumbent on crypto companies to develop blockchain-powered alternatives. Crypto debit cards are a major interest point for TenX and, as such, the platform is in the process of striking a partnership with the to develop a co-branded TenX and Litecoin debit card.
Speaking on the move, Charlie Lee, the creator of Litecoin posted a announcing the news and urging Litecoin fans to be on the lookout for future updates. TenX hopes the proposed debit card will become the payment standard for litecoin holders.
Latest Blockfolio Updates
The PAY token, the native token of the TenX platform is now a default coin on Blockfolio. This update is visible to new users of the Blockfolio app. Blockfolio is an integrated cryptocurrency asset management platform. It allows for easy tracking and monitoring of a user’s cryptocurrency investments. Users of the app can easily check price movements and other important market data for single cryptocurrencies or their entire all at once.
Commenting on the new update, Edward Moncada, the CEO of Blockfolio expressed delight at the fact that TenX is one of the platforms participating in the pilot Blockfolio Signal Project. He said that the Blockfolio Signal service has the potential to provide industry leaders like Dr. Julian Hosp with a platform with which to broadcast useful updates to their token base robustly and efficiently. Dr. Hosp is the Co-founder and CVO of the TenX project, while the other co-founders are Toby Hoenisch (CEO), Michael Sperk (CTO), and Paul Kitti (COO).
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