The British Columbia Securities Commission (BCSC), announced today it has taken action to protect customers of Einstein Exchange, a crypto-asset trading platform based in Vancouver.
On November 1st, the BCSC applied to the Supreme Court of British Columbia for an order appointing an interim receiver to preserve and protect any assets of Einstein Exchange.
The Court granted the application and appointed Grant Thornton Limited as an interim receiver. Grant Thornton subsequently entered and secured the premises of Einstein Exchange on November 1st.
The materials filed in court noted that the BCSC had received numerous complaints about customers being unable to access their assets on Einstein Exchange, and on October 31st had been told by a lawyer representing the trading platform that it planned to shut down within 30 to 60 days due to a lack of profit.
The BCSC says it has not yet authorized any crypto-asset trading platforms to operate as an exchange.
Along with other Canadian securities regulators, the BCSC continues to urge Canadians to exercise caution when buying or selling any crypto-assets due to various risks, including the loss of some or all of their investment.
Customers seeking information about the status of their accounts, Einstein Exchange and the receivership should email Einstein.Receivership@ca.gt.com or go to https://www.grantthornton.ca/service/advisory/creditor-updates/#Einstein-Exchange-Inc.
Einstein, which opened up in 2017, previously had announced a partnership with TradeBlock, as well as the addition of a mobile app, but now finds itself in receivership. When launched, the company offered OTC bitcoin services and eleven digital currencies tradeable against the Canadian and US Dollar.
