Recently, the British Columbia Securities Commission (BCSC) of Canada announced that Liquitrade Ltd. operated Latoken without registration and was actually operating an illegal exchange in the province.
The BCSC said that a team investigating the operator found that users of the crypto asset trading platform "did not actually buy or sell assets" but traded contractual rights to those assets, which allowed them to claim future withdrawals of those assets. The team determined that these rights were derivatives whose value came from the underlying crypto assets.
The BCSC statement added: "The expert group found that Liquitrade, despite not being registered under the Securities Act, facilitated transactions in a variety of ways, including creating a derivatives trading market and promoting derivatives traded on Latoken. The investigation team also found that LiquiTrade operated as an exchange. But it was not authorized by the BCSC, which is required by the Act." (Bitcoin.com)
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