Investors in a couple of crypto platforms that are facing website blocking orders need to get their assets out in the next couple of months or risk losing access to their accounts.
The Autorité des marchés financiers (AMF) is calling on investors with accounts on unregistered crypto platforms XT.com and CoinEx to withdraw their assets before access to the sites is blocked under permanent injunctions issued by the Superior Court of Quebec in April.
Those orders require Canada’s major telecom companies — including Bell Canada, Rogers Communications Canada Inc., Telus Communications Inc. and Videotron Ltd., among others — to block access to the platforms’ websites.
“The permanent injunctions issued by the Superior Court are final. As such, Canadian investors who still have assets on the XT.com and CoinEx platforms must access their accounts and withdraw their assets before access to the platforms is blocked,” the AMF said.
For XT.com, platform blocking will be implemented between Aug. 6 and 20, while CoinEx will be blocked between Aug. 12 and 26, it noted.
The court orders follow decisions from the Tribunal administratif des marchés financiers in 2023, which found the platforms were operating without authorization in Canada and ordered them to block access to their sites in the country. However, the firms did not comply with those orders.
While the AMF agreed to compensate the telecoms for the costs of blocking the websites, the court ruled it was not obliged to compensate them for damages that may arise from the action, such as potential legal claims related to the blocking.