Ontario Securities Commission now looking into QuadrigaCX fiasco

08 Feb, 2019
by David Borman
Update
Ontario Securities Commission now looking into QuadrigaCX fiasco

It seems that the QuadrigaCX news just won't stop coming. One day after Chapicap reported that the British Columbia Securities Commission announced it was not regulating QuadrigaCX, now Reuters is relaying that the Ontario Securities Commission (OSC) will be looking into the whole affair to see if anything is to be done.

The issue stems from the fact that crypto has no official regulation in Canada so it is difficult to say what agency should deal with the situation or what possible solutions are. The OSC did not call this a formal investigation, but they did say in a statement:

"Given the potential harm to Ontario investors, we are looking into this matter and have already been in contact with the monitor."

Read more: QuadrigaCX saga is ‘very bad’ for Canadian crypto says CEO Coinsquare

It is possible the OSC will find that the exchange was in violation of one or more laws concerning operation, but that remains to be determined. Allan Goodman of the law firm Goodmans LLP, explores this:

"For example, should (Quadriga) have been registered as an exchange and were any securities laws breached with respect to the trading of the coins on the exchange?"

At this point it is too early to say what might be decided, but if there is a way to rectify the situation, hopefully the OSC will find it. As always, stick with Chepicap for all updates on this amazing saga!

Read more: QuadrigaCX: will we see an "international manhunt" if CEO is alive?

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