What’s Going On?
Financial regulation agencies announced they are looking into cryptocurrency complaints in North America and
Why Does It Matter?
Financial watchdogs around the world are taking a hard look at cryptocurrency companies.
In Canada, the Ontario Securities Commission (OSC) announced it is investigating the activities of crypto trading
platforms in the province, reported CoinDesk on Monday. In South Korea, regulators the Financial Services Commission
(FSC) and the Financial Intelligence Unit (FIU) are to inspect three Korean banks over compliance for cryptocurrency exchange accounts. And in Japan, the nation’s financial regulator the Financial Services Agency (FSA) ordered two crypto exchanges to suspend operations for two months due to insufficient know-your- customer procedures, it was reported.
Why Such A Flurry of Activity?
The world’s watchdogs are playing catch-up. Japan’s efforts to keep a firm hand on crypto follows the January
hack of more than $500 million-worth of NEM from Japanese crypto exchange Coincheck, which announced it is
to be acquired by Japanese financial services provider Monex Group in a deal reported to be worth $33.5 million.
“We recognise blockchain technology and cryptocurrencies as next-generation technologies and platforms which
are likely to drastically change the way people approach money,” said Monex.