Author: Arijit Sarkar, CoinTelegraph; Compiler: Wuzhu, Golden Finance
A panel set up by the British Columbia Securities Commission (BCSC) ruled that LiquiTrade was operating an illegal exchange in Canada.
LiquiTrade's Latoken cryptocurrency exchange was initially charged with violating Canadian Securities Acts in in November 2022, when it processed $300 million in daily trading volume for its 1.5 million user base.
After nearly two years of investigation, the BCSC panel found that LiquiTrade violated Canadian securities laws:
“LiquiTrade has never been registered in any capacity under the Act and there is no recognized exchange or clearing organization in British Columbia operated by LiquiTrade or using the LATOKEN name.”
The BCSC panel found that LiquiTrade allowed users to trade contractual rights on underlying crypto assets, which is considered a derivative investment.
As a result, LiquiTrade must register under the Securities Act before it can legally facilitate contract trading in Canada, specifically in British Columbia. The statement added:
“The Panel also found that LiquiTrade is operating as an exchange. However, it is not authorized by the BCSC, as required by the Act.”
As of March 2024, Canada has banned four cryptocurrency exchanges, including Catalyx, KuCoin, Poloniex, and xt.com Exchange. On the other hand, 15 cryptocurrency trading platforms are authorized to operate in the region, including Bitbuy, Coinbase, and Fidelity.
The upcoming sanctions against LiquiTrade may include fines and a ban on providing services.
LiquiTrade approved to submit timeline. Source: bcsc.bc.ca
According to court documents, the sanctions against LiquiTrade will be finalized on August 14.
Despite Canada's crackdown on unregistered cryptocurrency exchanges, licensed trading platforms are still thriving.
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"It's not going to happen overnight," Skurka said, but the indicators of public acceptance of cryptocurrencies are there. He pointed to a surge in new sign-ups at WonderFi and a record high in the price of BTC.
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