- Einstein, the crypto exchange, apparently owes over $16M to its customers- $5M in cash and $11M in cryptocurrency.
- The regulators have clarified that they haven’t authorized any crypto-trading platforms to operate as an exchange.
Einstein, a Vancouver-based cryptocurrency exchange, has been shut down by the regulators of British Columbia. According to CBC News, the British Columbia Securities Commission (BCSC) has taken action against the Canadian exchange, which owes over $16 million to its customers.
The Supreme Court of British Columbia appointed Grant Thorton Limited, an audit firm, to act as the interim receiver on Nov. 1, following the request made by BCSC to the court. According to the press release, the audit firm entered and secured the exchange’s premises on the very same day. The BCSC decided to shut down the exchange after it received “numerous complaints about customers being unable to access their assets on Einstein exchange.” The authority also received a message from the lawyer representing the exchange that “it planned to shut down within 30 to 60 days due to a lack of profit.”
Sammy Wu, the BCSC investigator, stated that the exchange owed customers over $16.3 million, which includes $11 million in cryptocurrencies and about $5 million in cash. He also added that all the listed phone numbers of the exchange’s agents, including Micheal Gokturk, the founder of the exchange, are no longer available. The BCSC has clarified that it hasn’t authorized any crypto-trading platforms to operate as an exchange and urged investors to be careful.
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