British Columbia Securities Commission alleges crypto platform did not hold onto its customers' assets.
Canadian cryptocurrency trading platform ezBtc committed fraud by lying to customers and diverting their money to gambling websites, according to British Columbia’s securities regulator.
The BCSC is now requiring ezBtc to appear at its offices on June 27 if the company wishes to be heard before a hearing is scheduled. The regulator says ezBtc has committed securities fraud because its agreements with customers are futures contracts, which are considered securities. The allegations have not been proven in court.
In November, 2019, customers first woke up to the website ezBtc.ca no longer functioning. They could not perform any transactions or withdraw the assets they believed were being held on the platform in “cold storage,” meaning securely offline under the apparent watch of ezBtc.
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