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Fraudulent B.C. crypto platform fined $18.4M by securities regulator

  • The british columbia securities commission fined a cryptocurrency trading platform and its director david smillie more than $18 million for misleading customers.
  • Smillie and his company, 1081627 b.c. Ltd., must repay $10.4 million obtained through fraud from 2016 to 2019.
  • Smillie faces an additional fine of $8 million for misconduct, as the commission found that one-third of customer assets were diverted to gambling and personal accounts.
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