B.C. regulator alleges cryptocurrency exchange is breaking provincial law
A phone and representations of cryptocurrencies are seen in this file photo.
A B.C. regulator is taking on a cryptocurrency exchange that it says is not complying with provincial financial laws.
The B.C. Securities Commission alleges that cryptocurrency platform Latoken and its operator LiquiTrade Ltd. are "facilitating derivatives transactions without being registered" and "operating as an exchange in B.C. without being recognized."
In a hearing notice published Wednesday, the BCSC describes Latoken as "an online crypto exchange that purports to have more than 1,500,000 registered users, over 240 crypto assets available for trading, and a daily turnover of more than US$300 million."
LiquiTrade is incorporated in the Cayman Islands, according to the BCSC, but it allows B.C. residents to use its services, a fact that makes it subject to provincial and federal securities law.
According to the BCSC, LiquiTrade markets Latoken as a "regulated exchange," despite the fact that it has never been registered or recognized under B.C.'s Securities Act.
The commission alleges that LiquiTrade is breaking the law by operating an unrecognized exchange. Further, it describes the crypto assets traded on Latoken as derivatives, and alleges that the company is therefore engaged in unregistered derivatives trading.
"Regardless of the location of their operations, platforms that facilitate the buying and selling of crypto assets by Canadian investors must comply with applicable requirements under Canadian securities legislation," the BCSC said in a news release.
The BCSC's allegations have not been proven. LiquiTrade or its counsel are required to attend the commission's Vancouver office at 9 a.m. on Jan. 10 if they wish to be heard before the commission sets a date for a hearing.
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