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ARTICLE · 30 OCTOBER 2020

U.S. Regulators Assert Broad Jurisdiction Over Offshore Cryptocurrency Trading Platforms

Osler, Hoskin & Harcourt LLP
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Recent actions filed in early October 2020 by the U.S. Department of Justice (the "DOJ") and the Commodity Futures Trading Commission (the "CFTC") against BitMEX

CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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Recent actions filed in early October 2020 by the U.S. Department of Justice (the "DOJ") and the Commodity Futures Trading Commission (the "CFTC") against BitMEX, a large cryptocurrency derivatives exchange incorporated in the Seychelles, highlight how virtual asset exchange platforms can be subject to the law and potential enforcement action in multiple jurisdictions based on the locations of their customers. Shortly after the filing of these actions, the DOJ published its Cryptocurrency Enforcement Framework, which emphasized that the DOJ asserted jurisdiction over virtual asset transactions based not only on the location of customers but also contacts with "financial, data storage, or other computer systems within the United States". These broad assertions of jurisdiction by U.S. prosecutors and regulators, and similar assertions of jurisdiction over foreign trading platforms by Canadian regulators, are a caution to virtual asset exchange platforms to carefully

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