In brief
- The investor ignored four separate, escalating scam alerts and demanded the exchange release her funds so she could buy Ethereum.
- Judge Lindsay LeBlanc said NDAX’s warnings “could not have been clearer.”
- The ruling arrives as Canada intensifies scrutiny of crypto platforms and compliance failures.
A British Columbia court has ruled that a crypto exchange was not at fault for a customer’s C$671,000 (US$480,000) loss to an online scam, despite repeated fraud warnings.
In a written judgment released Monday, Justice Lindsay LeBlanc of the BC Supreme Court dismissed the claim brought by Victoria resident Yan Li Xu against Calgary-based crypto exchange NDAX Canada, finding the platform had met its obligations after warning her four times that she was likely being defrauded.
While Xu’s losses are “regrettable,” Judge LeBlanc “found no liability rests” with NDAX Canada, which she noted was registered as a money service business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
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Author: Vince Dioquino
