Canadian Watchdog Shuts Down Einstein Crypto Exchange
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Nov. 5, 2019
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A regulatory agency that administers and enforces securities legislation in the Canadian province of British Columbia, the British Columbia Securities Commission (BCSC), has announced it took action to protect customers of Einstein Exchange, a crypto-asset trading platform based in Vancouver.

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According to the court filing by the BCSC, the watchdog had received complaints about clients being unable to access their assets on the Einstein exchange.

On October 31, the BCSC had reportedly been told by a lawyer representing the trading platform that it planned "to shut down within 30 to 60 days due to a lack of profit."

"The BCSC has not authorized any crypto-asset trading platforms to operate as an exchange. The BCSC, along with other Canadian securities regulators, continues to urge Canadians to exercise caution when buying or selling any crypto-assets due to various risks, including the loss of some or all of their investment," notes the official statement.

Earlier a Canadian investment fund manager 3iQ Corp announced that it received permission from the Ontario Securities Commission (OSC) regarding the listing of the Bitcoin Fund on a major Canadian stock exchange.

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