OSFI Warning Notice for Bank of Satoshi

Warning Notices are issued by OSFI for financial institutions operating in Canada without the requisite licenses.

The name may seem familiar – the satoshi is the smallest subdivision of a Bitcoin, a decentralized virtual currency. Guess Bank of Satoshi thought they could be a conduit for Bitcoin/CAD (and other national currencies) exchanges – not in Canada, they can't!

Here's the Warning Notice:

Name and Address ofEntity

Web Address / Related Entity(ies)

Agency to contact with anyfurther information

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Bank of Satoshi

http://bankofsatoshi.com

Registered owner of web site:

Registered through: GoDaddy.com,LLC (http://www.godaddy.com)Domain Name:BANKOFSATOSHI.COM

Created on: 08-Jun-13Expires on: 08-Jun-15
Last Updated on: 13-Jul-13

Registrant:

Global CryptoCurrency Solutions

Incorporated,
935 Sheldon CourtBurlington, OntarioL7L5K6
Canada

+1.5193042444

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Canadian Anti-Fraud Centre

and

Royal Canadian MountedPolice

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The above entity is not a bank or a federally regulated financial institution inCanada.

Warning Notices contain the names of entities recently brought to OSFI’s attention through some form of notice,

inquiry or complaint. If these entities, or persons purporting to represent them, are operating in Canada, theymay be violating provisions of the Bank Act, other federal financial institution legislation, other federallegislation, or provincial legislation.

Link:

OSFI Warning Notice

Bank of Satoshi web site

Canadian Anti-Fraud Center

 

2 thoughts on “OSFI Warning Notice for Bank of Satoshi

  1. Nowhere does that notice say that they can’t be a BItcoin exchange in Canada. The only thing that notice warns of is that they’re not a federally-regulated financial institution. Bitcoin exchanges not federally regulated in Canada.

    Their mistake was probably using the word “bank” in their name. Banks *are* federally regulated in Canada. Essentially, it’s just a warning that they’re not a real bank.

  2. Yes, you are correct. The wording of the Warning Notice is clear in that regard. There are some “Bitcoin banks” – I know of one in Europe, for example.

    Bitcoin exchanges are not illegal anywhere, except for Thailand, which has outlawed using the currency. They are more regulated in the US, however – I know of no similar action to that of FinCEN’s designation of Bitcoin exchanges as MSBs.

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