Quebec’s financial markets administrative tribunal slams PlexCoin

Maria Nikolova

The Financial Markets Administrative Tribunal of Quebec also instructed PlexCoin and the people behind it to close all websites associated with the scheme.

The actions by the Canadian authorities against cryptocurrency scheme PlexCoin, also known as PlexCorps, and the people behind it, continue. In a recent decision, the Financial Markets Administrative Tribunal (TMF) of Quebec rejected an attempt by DL Innov inc., Gestio inc., Dominic Lacroix and Sabrina Paradis-Royer – entities and individuals associated with PlexCoin, to revise earlier rulings against them.

By doing so, the TMF has concluded that there are loopholes in the Law on securities, with regard to cryptocurrencies. The Tribunal has found that PlexCoin may be qualified as a type of securities investment, nevertheless.

As a result, the TMF has renewed the injunction orders against PlexCorps, PlexCoin, DL Innov inc., Gestio inc., Dominic Lacroix and Sabrina Paradis-Royer, which bar the defendants from activities in the securities market. In addition, the TMF issued orders for closing the websites www.plexcorps.com, www.plexcoin.com, www.plexcoin.tech and all other websites that offer information provided by the defendants. The Facebook pages of these entities are also covered by the Order.

In October last year, the Quebec Superior Court acted in response to a complaint by Quebec’s financial markets authority (AMF) and ruled that Dominic Lacroix and DL Innov inc were guilty of contempt of court. In his decision, Honorable Judge Marc Lesage underlined that the complaint submitted by the regulator proved that the defendants continue to solicit and offer to Quebec residents to invest in PlexCoin, a virtual currency. The solicitation happens in violation of previous orders issued by the Financial Markets Administrative Tribunal (TMF) of Quebec.

US authorities appear to be having similar issues with PlexCoin and the people behind it, as the Securities and Exchange Commission (SEC) last month filed a motion with the New York Eastern District Court, asking for sanctions against Lacroix and Sabrina Paradis-Royer. The US regulator argued that the defendants continue to ignore Court orders concerning discovery, accounting of assets and repatriation of assets.

Read this next

Retail FX

Spotware rolls out Manager’s API for cTrader brokers

Spotware Systems, a technology provider for the electronic trading industry, has released its new Manager’s API for Brokers, providing powerful tools for server-server integration.

Metaverse Gaming NFT

Dubai Museum taps Binance to jump onto NFT bandwagon

Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few weeks ago, is joining forces with Binance NFT to roll out a range of digital products on blockchain.

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets

Crypto.com enables Shopify merchants to accept crypto payments

Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

<