Canada: Bank Freezes $28 Mln Belonging To Cryptocurrency Exchange

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    QuadrigaCX claims CIBC has frozen the accounts of its payment partner Costodian and its owner Jose Reyes. CIBC filed a request to take possession of the funds

Cover image via U.Today

The Canadian Imperial Bank of Commerce (CIBC) has allegedly frozen $28 mln belonging to Canada’s largest cryptocurrency exchange.

QuadrigaCX claims CIBC has frozen the accounts of its payment partner Costodian and its owner Jose Reyes. CIBC filed a request to take possession of the funds and then requested an “interpleader order,” the action that would involve the justice system — all in order to find out to whom exactly the funds belong.

“The number of individuals in the Bitcoin community that have been shut out of the banking system is staggering,” QuadrigaCX CEO Gerald Cotten said in an e-mail to clients.

Cotten also states that QuadrigaCX is being unfairly targeted only because it is a cryptocurrency business.

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About the author

Paul Hackley is a journalist and essayist, focusing on blockchain and cryptocurrencies, with a strong interest in the future of the technology.

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