The Executive Director of the BC Securities Commission (BCSC) has imposed a temporary order against a crypto asset trading platform.

The BCSC has obtained evidence that Vancouver-based Xeltox Enterprises Ltd., doing business as Cryptomus, may be violating the registration requirements of the Securities Act and operating as an unrecognized exchange.

The temporary order prohibits Cryptomus from trading securities or derivatives and from engaging in promotional activities.

The order expires on June 4, 2025, at which time the Executive Director may apply to a BCSC panel to extend it.

Crypto asset trading platforms that facilitate Canadians’ buying and selling of crypto assets must register with provincial or territorial securities regulators and abide by certain conditions to help protect investors. A list of platforms authorized to do business with Canadians is available on the website of the Canadian Securities Administrators, of which the BCSC is a member.