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Cryptocurrencies

Canada has no intention to regulate QuadrigaCX exchange

Monday 11 February 2019 | 10:24 AM CET

The Canadian securities watchdog has had no remit to regulate crypto exchange QuadrigaCX, which owes customers millions of dollars frozen on an encrypted laptop.

As per Reuters, the British Columbia Securities Commission (BCSC) mentioned that QuadrigaCX was not trading in securities or derivatives, and the exchange does not come under its purview. Also, the Canadian Securities Administrators (CSA) – a collective forum comprising the regional securities regulators of Canada – told Reuters that no crypto-asset trading platform had been regulated as a marketplace by Canadian securities regulators.

Possibly as much as USD 190 million in both cryptocurrency and fiat owned by QuadrigaCX users have been unreachable since December, leaving no a way for the staff to access the computer apparently storing its funds. However, the exchange has since sought creditor protection in the Nova Scotia Supreme Court, in an intent to seek a way to refund users and to find access to the locked funds. A judge from the court granted the exchange its application, giving it a 30-day stay of proceedings to try and resolve the situation for users.

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