Tech

Ontario securities regulator looking into digital platform Quadriga

TORONTO (Reuters) – Canada’s biggest securities regulator said on Friday that it was looking into Quadriga CX, the digital platform whose founder died in December, trapping millions of dollars in cryptocurrencies in its accounts.

“Given the potential harm to Ontario investors, we are looking into this matter and have already been in contact with the monitor,” the Ontario Securities Commission said in a statement emailed to Reuters.

OSC spokeswoman Kristen Rose declined to say if it was an investigation.

The statement comes a day after British Columbia Securities Commission, the province’s securities regulator, said that it does not regulate Quadriga CX.

About C$180 million ($135.7 million) in cryptocurrencies have been frozen in Quadriga’s user accounts since its founder Gerald Cotten, the only person with the password to gain access, died suddenly in December.

On Tuesday, a judge ordered a 30-day stay on claims against the firm, providing a temporary reprieve from lawsuits from creditors. Ernst & Young was appointed by the court to help the company with restructuring.

The platform, a trading venue for cryptocurrencies such as Bitcoin, Litecoin and Ethereum, had previously filed for creditor protection in the Nova Scotia Supreme Court.

Reporting by Matt Scuffham and John Tilak; Editing by Leslie Adler


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