(Kitco News) - Crypto exchanges are not well-regulated, and many digital coins "don't really have anything that backs them," said Maureen Jensen, former Chair and CEO of the Ontario Securities Commission (OSC). The OSC oversees securities in the Canadian province of Ontario. "Many of these exchanges don't seek registration and they don't follow the rules," she said.
Jensen spoke with David Lin, Anchor and Producer at Kitco News, at the PDAC 2022 Convention in Toronto.
Quadriga and other frauds
Crypto exchanges are not well-regulated, said Jensen, citing cases in the past in which clients' funds were endangered.
"[The exchange is] a custodian of your money, unless you demand that you want to put it into your wallet," said Jensen. "In many cases, they don't do that. And then when you go for settlement and you want to take it out, it's not available or it takes too long… There have been people who have bought and sold Bitcoin who haven't been able to get their coins out for months. The...
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