A message on Quadriga’s website says the company has filed for creditor protection following months of customer complaints about difficulties withdrawing money. The company said a legal battle with CIBC caused the delays. The bank froze $26 million held in accounts belonging to Quadriga’s payment processor in January 2018; CIBC said it didn’t know who the money belonged to. (Globe and Mail)

Talking point: The development is the latest indication of challenges for the cryptocurrency industry. Coinsquare, which raised $50 million last year and aimed for an IPO that same year, laid off 40 employees and key executives earlier this week. Last week, Kik CEO Ted Livingston said that the company would fight back if the U.S. Securities and Exchange Commission decided to decided to file a suit against its ICO, which raised US$100 million. The company decided not to launch its ICO in Canada after Livingston claimed it could not get clear direction from the Ontario Securities Commission on which securities laws would apply. In a Medium post, Livingston spoke to how murkiness around regulations was making it difficult to work in this area. “We all believe that this industry needs regulation, but we also believe that this is not the way to get it,” he wrote.