Einstein Crypto Exchange Seized by Canadian Securities Regulator

Canadian securities regulators have seized control of the Einstein crypto exchange.

The British Columbia Securities Commission announced Monday that it had filed to take control of Einstein Exchange after the platform announced its planned closure in the next 60 to 90 days.

The Supreme Court of British Columbia granted the BCSC's order and appointed accounting firm Grant Thornton as interim receiver to take control of the Vancouver-based exchange's assets, going so far as to authorize Grant Thornton to take possession over any of Einstein's properties and assets.

The firm entered and secured the premises of Einstein Exchange on Nov. 1.

According to the BCSC, the commission received a number of complaints from customers who were unable to access their assets on Einstein Exchange.

A lawyer representing the platform told the customers it would shut down in the coming months as the exchange had not been able to make a profit on Oct 31, according to the BCSC statement.

It's the second time in the last year that a Canadian crypto exchange has folded.

He had sole control of the exchange at the time of his death.

Big Four auditor Ernst and Young is currently acting as the bankruptcy trustee for the exchange, looking to recoup nearly $200 million for potentially as many as 115,000 customers.

Einstein CEO Michael Gokturk did not immediately return a request for comment.