In what is the latest twist in the ongoing QuadrigaCX saga, there is some more bad news for users of the Canadian exchange, as the British Colombia Securities Commission (BCSC) said on Thursday that the exchange does not fall under its purview, which means that users are not entitled to any kind of investigative or compensatory action by the regulator.

In the statement, BCSC insisted that it is not aware of any business activities carried out by QuadrigaCX that fall under its regulatory scope, and therefore it is not responsible for regulating the exchange, which is making headlines for allegedly losing about $180 million of user funds after its founder Gerald Cotton died with sole access to its cold wallets.

In an email to Bloomberg, a BCSC spokesperson said:

[BCSC] does not currently have any indication that Quadriga CX, the crypto asset trading platform, was trading in securities or derivatives or operated as a marketplace or exchange under British Columbia securities laws.