The Canadian government shuts down Crypto Exchange

A crypto exchange was shut down as an act of defending the customers’ rights.

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The vicious circle of bad news seems to be continuing for the crypto Exchanges and this time a platform crypto trading in Vancouver, Einstein Exchange, has been shut down by the Canadian government although this platform owes $16m in outstanding obligation.

Following a statement by the British Columbia Securities Commission (BCSC) as “action to protect customers” of the Einstein exchange, the regulatory agency requested a Supreme Court order to seize the exchange on November 1 . Upon receiving the approval from the Supreme Court, Grant Thornton Ltd, the accounting firm, was appointed to deal with this problem and they rushed to the office and shut it down.

BCSC brought up several customer complaints who couldn’t access their assets. On October 31, the exchange informed the commission that it would go bankrupt and are forced to close within two months due to profit inadequacies. Previously, in May, 2020, the BCSC had been warned that Einstein exchange regarding the potential money laundering via the Einstein exchange.

The other bad news concerns BitMEX when thousands of user emails leaked into the open which led to huge community concerns and uproar. This happened when the exchange naively forgot to utilize blind copy (bcc) in a newsletter to the user that had subscribe leading to an embarrassing mistaking and cause lots of user info.

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Cryptocurrency exchange