QuadrigaCX, Canada’s largest cryptocurrency exchange tackles Bank over frozen $22M

CA$28 million belonging to QuadrigaCX, Canada’s largest cryptocurrency exchange been frozen by the Canadian Imperial Bank of Commerce (CIBC).

According to The Globe and Mail, which reports that the accounts have been frozen since January 2018, said the CIBC decided to freeze several accounts operated by Quadriga’s payment processor and also following the bank’s inability to ascertain the real owners of the deposited funds.

The bank therefore asked the court to take possession of the funds in question and also urged the court for a pronouncement on the rightful owners of the funds between the payment processor, Quadriga, and the 388 people who made deposits for the purchase of cryptocurrencies.

However, Quadriga has confirmed that most part of the monies deposited in the bank belongs to it, while questioning the bank’s intention for freezing the account.

Margaret Waddell, Quadriga’s lawyer claims the judge has reserved his decision in the hearing on the case. On the other hand however, The CIBC has refused to make any comments to this effect.

More so, Quadriga has sent an email to its customers informing them that Canadian banks are colluding to make operations difficult for bitcoin and cryptocurrency businesses and exchanges in the country.

Meanwhile, major banks in Canada are yet to react to these claims, despite the fact that study has shown that, bitcoin ownership is rapidly increasing among Canadians, with another study showing that bitcoin ownership jumped 72 percent in just 12 months from 2016 to 2017.

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