Receiver appointed to unregistered B.C. exchange

The British Columbia Securities Commission (BCSC) has secured a court order shutting down crypto exchange Einstein Exchange Inc. after complaints were made about the company.

The BCSC announced on Monday that the Supreme Court of B.C. has granted an order appointing Grant Thornton LLP as interim receiver of Vancouver-based Einstein Exchange Inc., an unregistered crypto trading platform, Einstein Capital Partners Ltd. and Einstein Law Corp.

The receiver has been charged with preserving the company’s assets, and the BCSC said that it has secured the company’s premises.

The BCSC said it acted after receiving numerous complaints “about customers being unable to access their assets on Einstein Exchange.” It also said that a lawyer representing the company told the BCSC that “it planned to shut down within 30 to 60 days due to a lack of profit.”

The regulator noted that it has not authorized any crypto-asset trading platforms to operate as an exchange, and that it reminds investors to be cautious when trading crypto assets.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.