Canadian Court to Take Custody of Quadrigacx Funds, NYDIG Gets Bitlicense

2018-11-15 19:35

In recent regulatory news, a Canadian court plans to take custody of $19.5 million of funds that Quadrigacx deposited with the Canadian Imperial Bank of Commerce before they were frozen due to competing ownership claims. Also, New York state regulators have granted the 14th Bitlicense to New York Digital Investment Group, and it has been alleged that the authorities in China have threatened to cut off electricity to miners in Yunnan Province for failing to pass compliance checks.

Also Read: Isle of Man Updates Registration Rules for Cryptocurrency Businesses

Provincial Court Takes Custody of Quadrigacx Funds

The Ontario Superior Court of Justice has moved to take custody of funds owned by Canadian cryptocurrency exchange Quadrigacx that were frozen by the Canadian Imperial Bank of Commerce (CIBC). The frozen funds include $69,000, as well as 25.7 million Canadian dollars ($19.43 million). The bank froze the money due to what it saw as competing claims to the funds.

“CIBC has met the onus of establishing that there is a real foundation for the expectation of competing claims with respect to the disputed funds,” said Judge Glenn Hainey, who is presiding over the case. He ordered CIBC to pay the disputed funds to the Accountant of the Superior Court to await the outcome of the proceeding.

New York State Grants 14th Bitlicense to NYDIG

The New York State Department of Financial Services has announced that NYDIG Execution, a subsidiary of New York Digital Investment Group (NYDIG), has become the 14th company to be granted a Bitlicense.

Robert Gutmann, the chief executive officer of NYDIG, stated: “NYDIG is pleased to receive these regulatory approvals and we look forward to providing secure and transparent liquidity, custodial and asset management services to the institutional market.”

China May Cut Power to Miners in Yunnan Province

Red Li, the co-founder of 8btc, recently posted a tweet suggesting that the Chinese authorities are ramping up compliance checks and tax inspections for mining farms. Li’s tweet stated that “mining facilities in Yunnan Province are facing another round of compliance check[s].” Li added that failure to adhere to the inspections would result in miners’ electricity being “cut off from the grid.”

The news follows the recent publication of a statement by an anonymous mining company claiming that its mines in China’s Guizhou Province and the Xinjiang Uyghur Autonomous Region have been temporarily suspended for tax inspections and to implement real-name registration processes.

How do you expect the dispute over Quadrigacx’s frozen funds to be resolved? Share your thoughts in the comments section below.

Images courtesy of Shutterstock

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