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Author: Arijit Sarkar, Cointelegraph; Compilation: Five baht, Bitchain Vision Realm
A group established by the British Columbia Securities Committee (BCSC) ruled that Liquitrade operated illegal exchanges in Canada.
LIKUITRADE LATKEN cryptocurrency exchangeInitiallyIn November 2022, he was accused of violating the Canadian Securities LawAt that time, it handled a daily transaction value of 300 million US dollars for its 1.5 million user base.
Survey Latoken cryptocurrency exchanges
After nearly two years of survey, the BCSC team found that liquitrade violated the Canadian Securities Law:
“Liquitrade has never registered in any identity according to the bill, and there is no recognized exchange or liquidation agency in British Columbia in British Columbia.
Canadian agencies have pointed out that there are many violations of liquitrade
The BCSC group found that liquitrade allows users to trade contract rights to trading basic encryption assets, which is considered derivative investment.
Therefore, liquitrade must register according to the Securities Law before it can legally promote contract transactions in Canada (especially British Columbia).Statement supplement:
“The expert group also found that liquitrade is operating in the form of an exchange. However, according to the requirements of the bill, it has not been authorized by BCSC.”
As of March 2024, Canada has banned four cryptocurrency exchanges, including Catalyx, Kucoin, Poloniex, and XT.com exchanges.On the other hand, 15 cryptocurrency trading platforms are authorized to operate in the region, including Bitbuy, Coinbase and Fidelity.
The sanctions that are about to be imposed on liquitrade may include fines and prohibited services.
Liquitrade approves submission timetable.Source: BCSC.BC.CA
According to court documents,Sanctions on liquitrade will be determined on August 14.
Although Canada has severely crack down on unregistered cryptocurrency exchanges, the licensed trading platform is still booming.
Dean Skurka, the CEO of Canada’s encrypted asset platform, said in an interview: “We do see that retail trading is recovering.”
“This will not happen overnight,” Skurka said, but the public’s acceptance indicators of cryptocurrencies exist.He pointed out that the number of new registered people in WonderFi surged, and the price of BTC also reached a record high.
