According to a recent announcement, the British Columbia Securities Commission (BCSC) in Canada, has revealed that it received approval from the Supreme Court of British Columbia to protect the customers of Einstein Exchange, a Vancouver-based crypto exchange. Consequently, the BCSC has secured the premises and has taken over the company.

The BCSC said that it received several complaints from many of the exchange’s customers who for some reason or another, no longer had access to their funds held with the company. At the moment, it is estimated that the exchange is holding $16.3 million CAD ($12.4 million) and the commission plans to close down the company completely, sometime in the next 60 to 90 days.

In addition, the Supreme Court has also chosen Grant Thornton, as the accounting firm tasked with the role of holding all of the exchange’s assets and has given the firm authority to take any of the exchange’s possessions and hold them till further notice. Grant Thornton has also been given full authority by the Supreme Court, to forcefully enter any of the company’s locations, if there is ever a need to.

Earlier this year, another crypto exchange QuadrigaCX, had to close down operations after it was reported that the CEO and founder Gerald Cotten had died, without disclosing any information that would allow the company access its funds. Luckily, major audit firm EY, has successfully recovered $35 million.

 

Image Credits: Pixabay

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