At the heart of a new decision in a $13-million cryptocurrency fraud case is a fresh legal argument making it clear that B.C.’s securities regulator has the power to investigate and sanction crypto trading platforms.
On Monday, the B.C. Securities Commission (BCSC) released a decision finding that David Smillie and his Nanaimo-based ezBtc platform committed fraud by lying to customers and diverting at least $13 million of their funds to gambling websites and Smillie’s personal accounts.