Two weeks after the Ontario Securities Commission announced enforcement action against it, the British Virgin Islands-incorporated exchange is putting new identity-verification checks in place for individuals and businesses. (The Logic)

Talking point: Regulators around the world require securities dealers and money-services businesses to conduct identity verification and other “know your customer” checks in order to protect investors, and prevent and track money laundering. The requirement is one of many ways financial regulations come into conflict with cryptocurrency’s promise of privacy and radical financial freedom, however. Today, many major cryptocurrency-trading platforms conduct some form of KYC. Bybit is one of three foreign cryptocurrency platforms facing OSC enforcement action with a fourth—Binance—announcing its exit from Ontario amid the crackdown.