Tue, January 31, 2023

Canadian authorities seized the crypto exchange

Cryptocurrency market on Wednesday

The British Columbia Securities Commission (BCSC) seized the crypto exchange. The BCSC is an independent provincial government agency, which is responsible for regulating capital markets in the province of British Columbia.

On November 4, the commission released information regarding this case. According to BCSC, the agency seized the Einstein crypto exchange. The investigation started several months ago and culminated by taking over this crypto exchange.

The history of Einstein Exchange goes to December 2017, when resident Michael Ongun Gokturk established a crypto exchange. He was the only director of the Einstein Exchange.

Based on the information provided by the securities commission Einstein Exchange owes customers more than 16 million Canadian dollars or more than $12 million. Out of 16 million Canadian dollars, more than 11 million CAD is in cryptocurrencies, whereas around 5 million CAD is in cash.

This exchange tried to cease the operations by shutting down the crypto exchange. Moreover, another plan was to sell the crypto exchange to a U.S. company. However, this plan never materialized. Sammy Wu, who is a lead investigator of the commission believes that Einstein Exchange mishandled the assets of its customers.

Last week on Friday, the Supreme Court of British Columbia made the decision regarding this case. The court permitted to seize the crypto exchange. The purpose of this ruling is to preserve and protect any asset of the Einstein Exchange. Starting from November, Grant Thornton Ltd is the company that is responsible for taking care of this crypto exchange and its assets.

The price of major cryptocurrenciesBritish Columbia and crypto industry

On Wednesday, Bitcoin’s price remains above $9,000. Bitcoin was unable to reach more than $9,500, and the price started to fall below $9,400 and $9,350 levels. Nevertheless, the price remained above the $9,200 support level.

Right now, Bitcoin’s price is $9,389.

Ethereum is the second-largest cryptocurrency on the market. At the moment, Ethereum’s price is $190. It is important to mention that Ethereum’s price may reach more than $200 if it is going to break the resistance level near $200. In this case, Ethereum will have the chance to move forward and the price may reach $220.

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