The British Columbia Securities Commission (BCSC) had filed to take control of Einstein Exchange after the platform announced that it would shut down its operations in the coming two-three months. According to a court filing, the exchange owes its customers over $12 million.
The Supreme Court of British Columbia granted BCSC’s request to take control of the exchange and appointed Grant Thornton as an interim receiver to seize all the assets of the exchange. The court has allowed the from to enter Einstein exchange’s properties, forcibly if required. The firm seized control of the exchange on November 1.
The Canadian Security regulators received numerous complaints from the customers who were unable to access their funds with the cryptocurrency exchange. According to the BCSC statement, the cryptocurrency exchange will shut down its operations in the next two months as it failed to earn enough revenues.