ChainCatcher news, according to Bitcoin.com, the British Columbia Securities Commission (BCSC) recently announced that Liquitrade Ltd. was operating Latoken without registration, effectively running an illegal exchange in the province.The BCSC stated that a group investigating the operator found that users of the cryptocurrency trading platform "were not actually buying and selling assets," but were trading contractual rights to those assets, which allowed them to request future withdrawals of those assets. The group determined that these rights were derivatives, with value derived from the underlying crypto assets.The BCSC's statement added: "The expert group found that Liquitrade, despite not being registered under the Securities Act, facilitated trading in various ways, including creating a derivatives trading market and promoting derivatives traded on Latoken. The investigation team also found that LiquiTrade operated in the form of an exchange. However, it did not have authorization from the BCSC, which is required by the Act."