FFCON21 Breaking Barriers May 11-13, 2021

CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January

Crowdfund Insider | | Oct 9, 2018

frozen icicles - CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since JanuaryVancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports.

According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes.

Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation.

See:  International Anti-Money Laundering Standards for Crypto Expected in October

The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil.

Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have resorted to advising one another never to use the words ‘Bitcoin’ or ‘cryptocurrency’ when trying to establish business accounts.

Banks, for their part, have explained their reluctance to do certain types of business with crypto firms based on concerns about money laundering, etc.

In emails to customers in April of this year, Quadriga blamed long delays in cash withdrawals at the exchange on problems it was having with account closures at another bank, the Royal Bank of Canada (RBC).

When asked about Quadriga’s and other entrepreneurs’ claims of sector non-cooperation by banks, RBC spokesperson Shauna Cook cited the bank’s concerns about, “regulatory, risk and external environmental factors around cryptocurrency,” but only with regards to her bank’s refusal to process crypto-related transactions involving Visa and Mastercard.

Ms Cook added, “We recognize that the cryptocurrency environment continues to evolve and we will continue to monitor these factors going forward.”

The Globe also reports that in emails explaining delays to customers, Quadriga has alleged that the “Canadian banking cartel” has been “conspiring” against the industry to “stifle bitcoin adoption” in Canada.

See:  Coinbase Gears Up for Biggest-Ever Expansion of Crypto Asset Listings

The Globe cites court documents in which Quadriga claims to be, “the undisputed owner of the majority of the (frozen) funds…and alleges it is being unfairly targeted because of the stigma surrounding cryptocurrencies, which have earned a reputation as being a haven for money laundering.”

A lawyer for Quadriga says that the case brought against it by CIBC was heard over the summer, and a judge is presently deliberating.

Continue to the full article --> here

 


NCFA Jan 2018 resize - CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January The 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

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