A panel established by the British Columbia Securities Commission (BCSC) accepted charges that LiquiTrade operated an illegal exchange in Canada. LiquiTrade's Latoken cryptocurrency exchange was accused of violating the Canadian Securities Act in November 2022 while processing $300 million in daily transactions for its 1.5 million users.

The BCSC panel found that LiquiTrade had violated Canadian securities legislation: "LiquiTrade has never been registered under the Act and there is no recognized exchange or clearing organization in British Columbia operated by LiquiTrade or using the name LATOKEN."

As of March 2024, Canada has banned four cryptocurrency exchanges, including Catalyx, KuCoin, Poloniex, and xt.com exchange. On the other hand, 15 cryptocurrency trading platforms are authorized to operate in the region, including Bitbuy, Coinbase and Fidelity.

Future sanctions against LiquiTrade may range from fines to service bans. According to the court filing, the sanctions on LiquiTrade will be finalized on August 14.

While Canada is shutting down unregistered cryptocurrency exchanges, licensed trading platforms continue to thrive. “We have definitely seen retail coming back,” Dean Skurka, CEO of Canadian crypto asset platform WonderFi, told Cointelegraph. “It won't happen overnight,” Skurka said, but there are indications of public interest in cryptocurrency. New registrations on WonderFi increased along with BTC's all-time high price, he said.

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