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Greensheet.com quotes Mike Stephens in an article on Canadian cryptocurrency exchange QuadrigaCX

Fasken
Reading Time 1 minute read

“Investors locked out after death of QuadrigaCX exchange owner” by The Green Sheet

GreenSheet.com quotes Toronto lawyer, Mike Stephens, in an article on Canadian cryptocurrency exchange QuadrigaCX.

According to Mike Stephens, a partner at Canadian law firm Fasken, the Canadian securities regulatory framework is not always applicable to crypto exchanges, and in the cases where it is, the regulatory oversight does not specifically address business methods such as safekeeping of passwords and wallet recovery.

"Securities regulators could not have prevented QuadrigaCX from apparently being run in a risky manner, with no security measures in place if the wallet passwords went missing," Stephens said. "The next QuadrigaCX-type event is a matter of 'when not 'if' – and securities regulators are relatively powerless to prevent it at this point."