Vancouver regulators shut down the Einstein Exchange

Vancouver regulators shut down the Einstein Exchange

The move comes after customers reported difficulty with withdrawals

The B.C. Securities Commission (BCSC) communicated in a statement that provisionally Grant Thornton Ltd. has entered the premises of Einstein Exchange on November 1 to secure the premises. This came after the Commission applied to the Supreme Court of B.C. for an order assigning an interim receiver to maintain and protect any assets of the Einstein Exchange, based in downtown Vancouver.

The Securities Commission made a to assign an interim to seize the funds, given the multiple complaints from users that were not able to access their assets for a while now. On top of that, back in October 31, this crypto-asset trading platform actually told the Commission that due to not being profitable they were closing the company in the next two months and that it already was attempting to sell any remaining assets.

Michael Ongun Gokturk is reported as the sole director and founder. The crypto exchange offers trades in Bitcoin, Dash, Ethereum and others. After over six months of investigation, the Commission has been observing potential money laundering on behalf of Einstein. At this point, they claim that Einstein improperly used users’ funds and now there is over $13 million owed to the users.

The Commission allegedly declares that no approval has been given to any crypto-asset trading platforms to operate as an exchange, “along with other Canadian securities regulators, continues to urge Canadians to exercise caution when buying or selling any crypto-assets due to various risks, including the loss of some or all of their investment,” the regulator said in the statement.

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