Global fintech and funding innovation ecosystem

B.C. Securities Commission Alleges ezBtc Involved in $13M Fraud

Today in B.C. | Canadian Press | May 2, 2023

Crypto coins - B.C. Securities Commission Alleges ezBtc Involved in $13M Fraud

The B.C. Securities Commission accuses David Smillie and his now-defunct company, ezBtc, of committing a multimillion-dollar securities fraud by diverting customer assets to online cryptocurrency gambling sites.

  • The company allegedly diverted about $13 million worth of bitcoin and ether without customer authorization. Smillie and ezBtc were never registered under B.C.'s Securities Act, and the regulator claims agreements with customers amounted to futures contracts under its jurisdiction.

See:  Coinbase and Kraken Reaffirm Plans to Stay Operational in Canada Amidst Changing Regulatory Landscape

  • Although the matter is administrative, not criminal, Smillie and the firm may face monetary penalties or banishment from public markets if the commission proves its case.
    • A police investigation in 2019 didn't find enough evidence for criminal charges, but the case could be reopened with new information.
  • Victims like Sergei Goshko, who lost between $70,000 and $80,000, hope the commission's action will yield progress. A hearing date is set for June 27.

Continue to the full article --> here


NCFA Jan 2018 resize - B.C. Securities Commission Alleges ezBtc Involved in $13M FraudThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - B.C. Securities Commission Alleges ezBtc Involved in $13M FraudFF Logo 400 v3 - B.C. Securities Commission Alleges ezBtc Involved in $13M Fraudcommunity social impact - B.C. Securities Commission Alleges ezBtc Involved in $13M Fraud

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - B.C. Securities Commission Alleges ezBtc Involved in $13M Fraud




 

Leave a Reply

Your email address will not be published. Required fields are marked *

five × 4 =