The British Columbia Securities Commission (BCSC) has concluded its investigation into Liquitrade Ltd., determining that the company operated an unauthorised crypto asset trading platform known as Latoken.

The probe revealed that users on Latoken were trading contractual rights rather than actual crypto assets, classifying these rights as derivatives tied to underlying assets.

Despite warnings issued as early as November 2022, Liquitrade did not comply with the BCSC's requests for participation in the investigation.

Now, the BCSC panel is considering potential sanctions, which could range from monetary fines to bans on market participation for Liquitrade.

This development underscores regulatory scrutiny over unauthorised crypto exchanges operating within Canadian jurisdictions.