Regulators From Quebec Ask ‘Blockchain Lab’ Investors To Come Forward In Non-Compliant Case
Regulators From Quebec Call For Investors To Come Forward In Non-Compliant Blockchain Company Case
A financial market regulator from the province of Quebec, in Canada, has recently started to ask investors of the Laboratoire Blockchain firm to come forward during a case against the company. Laboratoire Blockchain was a non-compliant firm of the country and now its case is being reviewed.
The state regulator is now asking all clients of the company to come forward as the company and the people associated with it are being accused of injunctive order over violations of the country’s security laws.
Any person who has actively invested in the company and wants to come forward has until April 1, 2019, to do it. They have to require direct contact with an official from the regulator agency until then.
According to the authorities, the Québécoins Financial Markets Administrative Tribunal (TMF) has issued several orders against the company, as well as Jonathan Forte, Nicolas Barbasch Bouchard and Benjamin Forte, three individuals which worked in the company’s administration.
The original orders were sent out last week, on March 12, and the l”autorité des marches financiers (AMF) has made its official statement yesterday, March 18.
As the defendants are being accused of breaching a security law in the country, they will be prevented from having any activity related to the promotion and transaction of securities until the case is done. In case they are charged their alleged crimes, they may also face sanctions that will stop them from not being related to securities again for quite some time.
An additional measure that was made by the court was to also stipulate that the three men should not dispose of any funds or cryptos that they have, as well as any mining equipment that is currently on their possession.
The court has also affirmed that all promotional material from Laboratoire Blockchain should be immediately removed from Facebook or any other social media while the process is underway.
Other Cases From Quebec
At the moment, the regulators from Quebec are pursuing all the companies which are using securities in a non-compliant way and that involves several blockchain companies.
Recently, the regulators made the news over a controversy with crypto miners in the country. Earlier in March, the government affirmed that no “added value” was being provided by miners in the country and that they were not interested in providing low-cost energy for them.
Before that, the low-cost energy of the region has made it pretty popular with miners, but it looks like the government is not very happy with them.