📢 Attention crypto-investors! The British Columbia Securities Commission (BCSC) has found LiquiTrade guilty of operating an illegal exchange in Canada. LiquiTrade's Latoken cryptocurrency exchange, which processed $300 million in daily transactions for its 1.5 million user base, has been accused of violating the Canadian Securities Act.

The BCSC found that LiquiTrade allowed users to trade contractual rights to underlying crypto assets, considered an investment in derivatives. Therefore, it had to be registered under the Securities Act before it could legally facilitate contract trading in Canada.

To date, Canada has banned four cryptocurrency exchanges, including Catalyx, KuCoin, Poloniex and xt.com, while 15 cryptocurrency trading platforms are authorized to operate in the region.

Sanctions for LiquiTrade could range from monetary fines to a service ban, and are expected to be finalized on August 14.

As Canada cracks down on unregistered cryptocurrency exchanges, licensed trading platforms continue to thrive. What do you think about this situation? Comment below! 💬