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Canadian Regulators Want Laboratoire Blockchain Investors to Come Forward

Conor Maloney
Updated
Quebec's financial regulator has frozen the assets of a blockchain company and called for investors to contact them to help with the investigation.
Quebec's financial regulator has frozen the assets of a blockchain company and called for investors to contact them to help with the investigation.

Canadian regulators have frozen the assets and activities of a blockchain firm and instructed investors to step forward. The AMF (Autorité des marchés financiers) issued a statement described as a “call to investors” regarding the company in question, Laboratoire Blockchain Inc, as well as three affiliated individuals.

Following the recent announcement that the Canadian federal government is auditing dozens of Bitcoin users, Quebec province is cracking down on activity in the cryptocurrency and blockchain industries.

Laboratoire Blockchain Inc

The French-Canadian blockchain firm stands accused of violating securities laws. Three men are named in the injunctions: Jonathan Forte, Benjamin Forte, and Nicolas Barbasch-Bouchard.

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The three defendants are prohibited from promoting and transacting in securities as per the initial court injunctions and are also unable to legally sell off or exchange any existing cryptocurrency funds, mining hardware, or related equipment or assets. The equivalent of an asset freezing, the move indicates potentially heavy penalties.

The Financial Markets further ordered the company to remove all online promotional materials advertising the company on Facebook and other social media platforms and websites to prevent further investment activity.

Investors Issued April 1st Deadline

The AMF notes that it is currently conducting an investigation into this case. The regulator asks all people who invested money in Laboratoire Blockchain Inc or by using the services of any of the defendants to contact Sarah Abi-Khalil via 1 877 525-0337, 2644, not later than April 1, 2019.

The AMF asked investors to contact them by April 1st, but it is unclear what the exact goal of this is. First and foremost, it’s likely that the regulator simply wants to collect information in the firm being investigated.

Read the full story on CCN.com.