BCSC steps in to protect customers of Einstein Exchange crypto platform

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The British Columbia Securities Commission (BCSC), announced today it has taken action to protect customers of Einstein Exchange, a crypto-asset trading platform based in Vancouver.

On November 1st, the BCSC applied to the Supreme Court of British Columbia for an order appointing an interim receiver to preserve and protect any assets of Einstein Exchange.

The Court granted the application and appointed Grant Thornton Limited as an interim receiver. Grant Thornton subsequently entered and secured the premises of Einstein Exchange on November 1st.

The materials filed in court noted that the BCSC had received numerous complaints about customers being unable to access their assets on Einstein Exchange, and on October 31st had been told by a lawyer representing the trading platform that it planned to shut down within 30 to 60 days due to a lack of profit.

The BCSC has not authorized any crypto-asset trading platforms to operate as an exchange.

The BCSC, along with other Canadian securities regulators, continues to urge Canadians to exercise caution when buying or selling any crypto-assets due to various risks, including the loss of some or all of their investment.

Customers seeking information about the status of their accounts, Einstein Exchange and the receivership should email [email protected] or go to https://cryptofans.ru.grantthornton.ca/service/advisory/creditor-updates/#Einstein-Exchange-Inc.

Einstein, which opened up in 2018, previously had announced a partnership with TradeBlock, and well as the launch of a mobile app.

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act.

 

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