British Columbia Securities Commission says it doesn't regulate QuadrigaCX

08 Feb, 2019 | Updated: 08 Feb, 2019
by David Borman
British Columbia Securities Commission says it doesn't regulate QuadrigaCX

It is being reported by Reuters that Canadian securities regulator, the British Columbia Securities Commission, has stated that QuadrigaCX is not under its explicit regulation. QuadrigaCX has been under close scruitiny lately after the apparent death of its founder and subsequent loss of almost $200 million worth of crypto.

 It seems the Canadian reguulatory body was aware of QuadrigaCX as far back as 2017 but was unaware of it trading any securites or derivatives and therefore did not oversee any of its regulation.

Read more: Employee of QuadrigaCX: social media has "no compassion" for widow

Canadian Securities Administrators spokeswoman Ilana Kelemen stated that no crypto-asset trading platforms are currently regulated. She elaborated:

"The CSA continues to urge Canadians to be cautious when considering buying crypto-assets through trading platforms."

This may come as troubling news for any users whose money is still locked by the platform. It is unclear if or how there is any way to recover the lost crypto or pay back those who had a stake in the company. Stay here with Chepicap as the QuadrigaCX saga continues to unfold.

Read more:  Indian hospital describes death of QuadrigaCX CEO Gerald Cotton

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Read more about: Canada

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