Canadian crypto exchange sued six times over payment refusal

It would appear that even Canada is not immune to the woes experienced by crypto traders since the exchange platform ezBtc.ca is now facing six lawsuits over refusing to pay customers.

In a report by CTV News, one of the users of the platform, Rob Johnston revealed how he still has not received the $2,633.18 that he cashed in almost a year ago. As a result, he is now suing the crypto exchange, making him the sixth one to do so in a period of two years.

Johnston is fully aware that he is not alone in this predicament as he is also in touch with others who have had the same experience. In fact, as many as 12 account holders might be going through the same issues.

"It does follow a pattern," Johnston told the news outlet. "Things started to disintegrate sometime starting June or July last year … Money wasn't coming out, or was trickling out, and then it just stopped. And then they call support and then they get the runaround, constant excuses, phone calls with kind of incoherent explanations, promises that payment is coming. Nothing happens."

In an email statement to CTV News, the B.C. Securities Commission (BCSC) said, "A cryptocurrency platform, depending on how they operate and the crypto-assets they make available for trading, may be subject to securities regulation. To date, no cryptocurrency exchange has been recognized as a marketplace by Canadian securities regulators."

Consumer feedback on the services of the platform has also seen quite the dip in favorability. Reviews have piled on the criticisms, even going so far as to say that ezBtc.ca is nothing more than a scam. This does nothing for the credibility of the crypto industry as a whole since critics often use cases like this to discredit the entire marketplace.