The British Columbia Securities Commission (BCSC) has found crypto exchange LiquiTrade guilty of illegal activities in Canada. LiquiTrade's Latoken exchange was accused of violating the Canadian Securities Act in November 2022 when it processed $300 million worth of trades daily for its base of 1.5 million users. 📉

The BCSC found that LiquiTrade allowed users to trade contract rights to underlying crypto assets, which was considered an investment in derivatives.

As a result, LiquiTrade was required to register under the Securities Act before it could legally trade contracts in Canada, specifically in British Columbia.

As of March 2024, Canada has banned four crypto exchanges, including Catalyx, KuCoin, Poloniex and xt.com. Sanctions against LiquiTrade can range from fines to a ban on services.