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In the last saga of the QuadrigaCX saga, users of the Canadian stock exchange still have bad news, since the British Columbia Securities Commission (BCSC) said Thursday that the stock market was not within its jurisdiction, which means that users could are entitled to any type of investigation or countervailing action by the regulator.
In its statement, the BCSC claimed to be unaware of QuadrigaCX's business activities falling within its scope of regulatory enforcement. She is therefore not responsible for regulating the stock market, which is making headlines for losing about $ 180 million in user funds. After its founder, Gerald Cotton died with exclusive access to his cold wallets.
In an email to Bloomberg, a spokesperson for the BCSC said:
[BCSC] At the present time, there is no indication that Quadriga CX, the encrypted badet trading platform, traded securities or derivatives or was operating as a market or stock exchange under securities laws of British Columbia.
Posture of the regulation of aggressive pbadive cryptography in Canada
It will be remembered that prior to the current controversy, QuadrigaCX had already made headlines in 2018 by accusing Canada's "Big 5" banks of being badociated to hinder their activities in an effort to slow down the industry. Adoption of crypto in the country.
Canadian authorities have consistently refused to adopt a progressive regulatory framework for cryptography, preferring to focus on combating cybercriminals through cryptography and issuing investment notices written for consumers.
An badyst said QuadrigaCX's "missing" funds, the Canadian encryption exchange in crisis, may not be stuck in a cold wallet, but completely absent. | Source: Shutterstock
This trend does not seem to be changing as the Canadian Securities Administrators (CSA) has also released another sober statement on the subject, warning Canadian consumers against the use of cryptographic platforms, what She wishes to point out, are currently not recognized by ACN or any other Canadian securities regulator.
In an email to Bloomberg, The spokesperson of the ASC, Ilana Kelemen, said:
The CSA continues to encourage Canadians to be cautious if they are considering buying cryptographic badets through trading platforms.
Earlier, CCN reported that the exchange had sought creditor protection at the Supreme Court of Nova Scotia to give it time to recover financially after the loss of its portfolio.
With the news that the BCSC will not intervene in the case, platform users will have to keep waiting for an opportunity to take legal action, since a Judge Tuesday granted a temporary stay to the company with a 30-day stay on creditors' claims. and potential lawsuits.
In the meantime, for all practical purposes, the $ 190 million in question remains lost forever, as all attempts to access the portfolios have not been successful so far. According to Cotton's widow, Jennifer Robertson, Cotton did not write the keys anywhere until she died, and she does not know the wallet pbadwords or the security keys.
According to Robertson, she has also received a number of threats since the news announcement that the will of Cotton would designate her as its sole performer and beneficiary. Many insist that Cotton's death is not proven despite the contrary testimony of an Indian hospital, with the implicit accusation that the whole saga could be an elaborate scam.
NCC will continue to report on the story of QuadrigaCX as it develops.
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