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Technology Judge approves transfer of QuadrigaCX cryptocurrency exchange case to Toronto court

Lawyers, accountants and their associates involved with QuadrigaCX, stand outside Nova Scotia Supreme Court in Halifax on April 8, 2019.

Andrew Vaughan/The Canadian Press

A Nova Scotia Supreme Court judge has approved the relocation of QuadrigaCX’s continuing bankruptcy proceedings from Halifax to Toronto.

The change of jurisdiction had been requested by the accounting firm investigating the exchange’s collapse, as the case is now largely focused on people and assets residing in Ontario.

Asim Iqbal, a lawyer with Miller Thompson representing the roughly 76,000 affected users, says it was a “good decision” to handle the case in a more cost-effective way, reducing travel and administrative expenses.

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Accounting firm Ernst and Young had said that the involvement of several law enforcement agencies and regulators investigating QuadrigaCX’s downfall means the case will require multiple court appearances in Toronto.

Of the QuadrigaCX users who lost money, 39 per cent were based in Ontario, 19 per cent were in British Columbia and 14 per cent were in Quebec, while 1.4 per cent lived in Nova Scotia.

QuadrigaCX’s parent company, Quadriga Fintech Solutions, was granted creditor protection on Feb. 5 and entered bankruptcy proceedings on April 15.

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