March 28, 2024

Canada's financial regulator takes control of the Einstein exchange

The British Columbia Securities Commission (BCSC) has taken control of the Einstein cryptocurrency exchange.which on October 31 announced the termination of activity.

BCSC representatives reported that the Commissionreceived many complaints from the exchange’s clients about the loss of access to assets, and on October 31, the site announced that it could not make a profit and would cease its activity within 2-3 months.

According to the BCSC statement, Einstein owes its clients $12.4 million. Accounting firm Grant Thornton will evaluate all cryptocurrencies and assets owned by the exchange, and then distribute them among clients.

The exchange website is currently unavailable. Einstein CEO Michael Gokturk also did not provide any comments.

Earlier this year, the Canadian company announced its closureQuadrigaCX exchange. The platform's clients lost more than $190 million after the exchange's CEO, Gerald Cotten, died in December. He did not leave any information about QuadrigaCX cold wallets or how to access them.

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