CryptoMediaClub
Tuesday, July 29, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

BC Securities Regulator Accuses Defunct Crypto Platform of Committing Multimillion-Dollar Fraud

08.05.2023
A A
0
126
VIEWS
ShareShare

The British Columbia Securities Commission has accused ezBtc, a defunct Nanaimo-based cryptocurrency platform, and its founder David Smillie, of perpetrating a multimillion-dollar securities fraud scheme.

The commission alleged that Smillie and his crypto firm lied to customers about the platform and diverted their assets to online gambling sites.

ezBtc Allegedly Diverted $13M in Customer Assets

According to a Bloomberg report, the accusations were outlined in a notice of hearing issued last month. The B.C. Securities Commission accused Smillie and ezBtc of moving $13 million worth of users’ assets, including bitcoin (BTC) and ether (ETH), to virtual gambling sites without authorization from the owners.

While ezBtc ceased operations in October 2022, users moved 2,300 BTC and 600 ETH tokens into the platform’s wallets between 2016 and 2019. The company’s founder allegedly told investors their assets were often kept offline in cold storage. However, the firm never had enough assets to cover users’ funds.

In addition, ezBtc was never registered with the B.C. commission, and the agency claims that the company’s agreements with users fell under futures contracts, which are within its jurisdiction.

ADVERTISEMENT

ezBtc’s Founder to Pay Fines

Upon further investigation, the B.C. commission found that ezBtc and Smillie faced numerous lawsuits several years ago. Constable Gary O’Brien of the Royal Canadian Mounted Police (RCMP), which facilitated the suits before, said the force’s investigation into ezBtc in 2019 did not yield enough evidence to file criminal charges.

“All I can say is that the matter was investigated, and there was insufficient evidence gathered by the primary investigator to pursue criminal matters, so they decided it would probably be best to go from a civil angle. That’s the only information that I could provide at this point,” the constable said.

On the other hand, the securities commission director of enforcement Doug Muir disclosed that there had been a lengthy probe into the ezBtc, hence the hearing notice.

“In this case, like in all of our cases, we need time to investigate, so we need to be able to gather evidence that we are satisfied. So, that takes time to gather. Our investigations are often time consuming and complex and this one is an example of that,” Muir said.

The regulator further revealed that the case is not criminal but administrative, adding that the involved parties may face monetary penalties or prohibitions from public markets instead of serving jail terms.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Share10Tweet6ShareSharePin2

Related Posts

All news

Billionaire Calls for Buying More Bitcoin as U.S. Debt Spirals – Best Wallet Automates the Strategy, ICO Hits $14.3M

29.07.2025
0

Billionaire investor Ray Dalio is sounding the alarm once again and this time his recommendation is clear: allocate around 15%...

Read moreDetails
SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree

SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree

29.07.2025
Interactive Brokers Considers Launching Its Own Stablecoin

Interactive Brokers Considers Launching Its Own Stablecoin

29.07.2025
The Future of Bitcoin BTC Income: EarnMining App Offers Stable Daily Rewards

The Future of Bitcoin BTC Income: EarnMining App Offers Stable Daily Rewards

29.07.2025
93% of Financial Institutions Plan to Implement AI Agents in Compliance

93% of Financial Institutions Plan to Implement AI Agents in Compliance

29.07.2025
Load More
Next Post

Alibaba Cloud Builds Launchpad to Deploy Metaverse on Avalanche

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

9 months ago
Ethereum Charges Past Key Levels, Eyes $1,750 Resistance Amidst Bullish Momentum

Ethereum Charges Past Key Levels, Eyes $1,750 Resistance Amidst Bullish Momentum

2 years ago
Rep. Nick Begich Introduces Companion Laws to Sen. Cynthia Lummis’ BITCOIN Act

Rep. Nick Begich Introduces Companion Laws to Sen. Cynthia Lummis’ BITCOIN Act

5 months ago
Jack Dorsey Evokes Bitcoin At Super Bowl Wearing “Satoshi” T-Shirt

Jack Dorsey Evokes Bitcoin At Super Bowl Wearing “Satoshi” T-Shirt

1 year ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Interactive Brokers Considers Launching Its Own Stablecoin

The Future of Bitcoin BTC Income: EarnMining App Offers Stable Daily Rewards

93% of Financial Institutions Plan to Implement AI Agents in Compliance

Major Breach Study Reveals Widespread Leaks of Bank Statements, SSNs, and Crypto Keys

Global stablecoin searches hit all-time high with Washington leading traffic

PayPal Expands Crypto Payment Acceptance in U.S.

Trending

StanChart predicts corporates will control 10% of Ethereum supply over time
Analysis

StanChart predicts corporates will control 10% of Ethereum supply over time

29.07.2025
0

A new report by Standard Chartered identifies publicly traded Ethereum (ETH) treasury companies as a distinct and...

Billionaire Calls for Buying More Bitcoin as U.S. Debt Spirals – Best Wallet Automates the Strategy, ICO Hits $14.3M

29.07.2025
SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree

SharpLink Secures 438K ETH, Spending $290M in Weeklong Buying Spree

29.07.2025
Interactive Brokers Considers Launching Its Own Stablecoin

Interactive Brokers Considers Launching Its Own Stablecoin

29.07.2025
The Future of Bitcoin BTC Income: EarnMining App Offers Stable Daily Rewards

The Future of Bitcoin BTC Income: EarnMining App Offers Stable Daily Rewards

29.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz