The British Columbia Securities Commission said Thursday that it had no knowledge of the exchange's activities and "does not now 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".
According to his widow, Cotten was the only one in the exchange who had access to the company's cold wallets, where the majority of the digital assets were stored.
Users of the platform have gone suspicious of the situation surrounding Cotten's death, with some asking for an obituary. The certificate states "that Gerald William Cotten died on December 9 and Jennifer Robertson is mentioned as his widow" as per the reports obtained from Cointelegraph.
Nonetheless, QuadrigaCX lawyers have indicated that they would have to sell the company to clear the massive debt if efforts to locate the wallet recovery keys prove futile.
According to Bloomberg Brian Kladko, a spokesman for the British Columbia Securities Commission, revealed the agency now has no indications QuadrigaCX was "operating as a marketplace or exchange under British Columbia securities laws". News recently broke that Cotten filed a will 12 days before his death, where he mentioned his wife, Jennifer Robertson, as the only beneficiary and the executor to his estate. If this happens, the platform will generally not be subject to regulation under derivatives or securities laws.
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To date, Kladko added, no crypto exchange has been recognized as a marketplace by the securities regulator. Cotten was reportedly the sole executive with access to the exchange's cold wallets. "His vitals kept deteriorating and he developed recurrent episodes of cardiac arrest before being declared dead at 7.26pm".
According to Fortis Escorts Hospital, Cotten succumbed to a heart attack on December 9 past year.
She said Cotten died from complications linked to the disease, which disrupts digestion by causing inflammation of the bowels. Cotton was diagnosed at the hospital with a case of septic shock, perforation peritonitis, and intestinal obstruction.
"We believe in the future of cryptocurrency, however we think that incidents like this hurt the growth and adoption", Adam Goldman, President and Founder of cryptocurrency exchange Bitbuy, told Yahoo Finance Canada.
Back in October, the exchange was caught in another legal dispute with the Canadian Imperial Bank of Commerce [CIBC], which it accused of withholding and preventing access of funds worth $21.6 million.