RATE Group | Canadian cryptocurrency exchange goes dark taking over $12M in user funds with it
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Canadian cryptocurrency exchange goes dark taking over $12M in user funds with it

05 Nov Canadian cryptocurrency exchange goes dark taking over $12M in user funds with it

Posted at 21:03h in Cryptocurrency News by

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Financial regulators in British Columbia, Canada are taking action against a cryptocurrency exchange that reportedly misappropriated user funds and has shut down. It has gone dark owing customers more than CAD$16 million (USD$12.1 million).

Cryptocurrency trading site Einstein Exchange, based in Vancouver seemingly shut up shop at the end of last month, despite telling the British Columbia Securities Commission (BCSC) that it would be shutting down within two months, The Province reports.

The exchange had tried to sell itself to a US-based investor, but the deal failed to come to fruition, and Einstein decided to close down. On October 31, a lawyer representing Einstein Exchange told the BCSC that it would shut down within 30 to 60 days due to “lack of profit.”

A press release issued by the BCSC states that accounting company Grant Thornton had been appointed as the receiver of funds to preserve and protect the defunct…

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