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Post/CP say OSC told of push to move Quadriga hearings

2019-08-29 09:19 ET - In the News

The Financial Post reports in its Thursday edition that the accounting firm investigating the multimillion-dollar implosion of the QuadrigaCX cryptocurrency exchange wants to move the bankruptcy proceedings from Halifax to Toronto. A Canadian Press dispatch to the Post says that Ernst & Young has asked a Nova Scotia Supreme Court judge for the change in jurisdiction. The financial services company says that the recent involvement of several law enforcement agencies and regulators has added to the complexity of a case that will require multiple court appearances in Toronto. "As the majority of the professionals are located in Ontario, there would be significant cost savings to transferring the proceedings to Ontario," says E&Y. "There are very few remaining ties to Nova Scotia at this time." Both the FBI and the RCMP have confirmed they are investigating the downfall of Quadriga, which was one of Canada's largest cryptocurrency exchanges when it collapsed in January. Concerning Quadriga users who lost money, 39 per cent were based in Ontario, 19 per cent were in British Columbia and 14 per cent were in Quebec. Only 1.4 per cent lived in Nova Scotia. Quadriga entered bankruptcy proceedings April 15.

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