One of the ways is to follow their announcements. If they’re ordinarily quiet (see Mt. Gox) you might have something to worry about. If they, on the other hand, are vocal about their operations, that’s another story altogether.
Enter Vault of Satoshi. I’ve been following this exchange for some time now, and I personally like what they’re doing.
The Canada-based exchange announced today the full acquisition of their money service business license in the country (this is similar to registering with FinCEN as a money transmitter here in the United States).
The announcement came in the way of a post on the social sharing website Reddit.com.
They write:
As many of you know we at Vault of Satoshi have always gone the extra mile to be a “by the books” exchange. We’ve always been a registered corporation, let users know who we are, always reported to FinTrac, we follow all the same regulations as a currency exchange, and we operate inside all Canadian regulations on financial services.
The acquisition of this money service business license means the exchange is following proper regulation with regard to their business model — which of course reduces the risk of any conflict with authorities in Canada.
For those curious, Vault of Satoshi provided the following details on the license:
- Registration number: M14807589
- Date of registration: 2014-03-25
- Date of expiration: 2016-04-30
The exchange notes they are also working on obtaining a license to be a part of the Investment Industry Regulatory Organization of Canada (IIROC), Canada’s self-regulatory organization in the securities sector.
“We’re strongly committed to providing a legal, transparent and reliable exchange for our users and will continue to pursue all institutional and government regulations that we can,” they said.