The British Columbia Securities Commission reported that the QuadrigaCX cryptocurrency exchange, which owed millions of dollars to its customers, did not fall under its jurisdiction.
In a conversation with Reuters, a spokesperson for the department, Brian Kladko, explained that QuadrigaCX did not trade in securities or derivatives, and therefore should not be controlled by the regulator.
The CSA continues to urge Canadians to be cautious when considering buying crypto-assets through trading platforms.
At the same time, Canadian regulators were aware of QuadrigaCX activities since 2017, however, based on the information they had, no action was required on their part.
This week, the court agreed to provide QuadrigaCX 30-day protection against creditors' claims, while representatives of the exchange and the auditing company EY will try to restore, presumably, the assets blocked on the cold wallets of the exchange after the death of its owner