The British Columbia Securities Commission (BCSC) recently announced that Liquitrade Ltd. operated Latoken without registration, effectively operating an illegal exchange in the province. BCSC said a panel investigating the operator found that users of the crypto-asset trading platform "did not actually buy or sell assets", but traded contractual rights to the assets, which it determined were derivatives and whose value was derived from the underlying crypto assets. The BCSC statement added: "The panel found that Liquitrade, although not registered under the Securities Act, facilitated trading in a number of ways, including by creating a derivatives trading marketplace and promoting derivatives traded on Latoken. The panel also found that LiquiTrade operated as an exchange. However, it was not authorised by the BCSC, as required by the Act."