Canadian crypto exchange clashes with bank over $22M in frozen funds

posted 8 months ago
QuadrigaCX, Canada’s largest cryptocurrency exchange has been denied access to CA$28 million of its funds domiciled in the Canadian Imperial Bank of Commerce (CIBC) since January 2018. The company, based in Vancouver has reacted furiously after the bank decided to freeze several accounts operated by Quadriga’s payment processor.

The Globe and Mail reports that CIBC froze the accounts following its inability to ascertain the real owners of the funds and requested the court to take possession of the funds in question. A court document quotes the trading platform urging the court not to yield to what it described as "unverified and invidious conjecture that the transactions are questionable."
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