The British Columbia Securities Commission (BCSC) has found LiquiTrade guilty of operating an illegal exchange in Canada. The panel discovered that LiquiTrade's Latoken crypto exchange, which processed $300 million in daily transactions for its 1.5 million users, was in violation of the country's Securities Act. The BCSC panel also found that LiquiTrade was facilitating trades of contractual rights of underlying crypto assets, which are considered derivatives investments. As a result, LiquiTrade was required to be registered under the Securities Act before it could legally facilitate contract trading in Canada. Sanctions on LiquiTrade, which could range from monetary penalties to a ban on services, will be finalized by August 14.