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QuadrigaCX case: Canada’s big banks wary of cryptocurrency asset

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The wary skepticism that Canada’s big banks have for the cryptocurrency industry was on full display Friday when a Nova Scotia judge issued an order for the eventual disbursement of more than $30 million that belonged to the insolvent QuadrigaCX trading platform.

Lawyers for the Bank of Montreal and the court-appointed monitor overseeing the case, Ernst and Young, said the banks are uncomfortable handling money from the cryptocurrency world, saying the uncertain origin of the funds raises concerns about possible money laundering.

“This is not a typical situation,” said one lawyer who took part in the hearing through a conference call.

‘I don’t blame them for hesitating’

Elizabeth Pillon, a lawyer representing Ernst and Young, said the banks had made it clear they were in uncharted territory.

“I don’t blame them for hesitating,” she told the court, saying there were “money-laundering issues” raised by the banks.

“We don’t have the source-of-funds information that the banks are looking for,” she said. “The monitor has serious concerns about finding another institution to hold these funds.”

At the conclusion of the hearing, Justice Michael Wood of the Nova Scotia Supreme Court issued an order that will eventually see the QuadrigaCX money deposited in a Royal Bank account, which Ernst and Young will use to pay for the ongoing court proceedings.

Banks wouldn’t offer company an account

As well, the money could also be used to partially compensate 115,000 users of the QuadrigaCX exchange who are owed $260 million in cash and digital assets following the demise of the virtual operation on Jan. 28 amid a swirl of controversy.

The case attracted international headlines last month when the company revealed its CEO and sole director, Gerald Cotten of Halifax, had died suddenly on Dec. 9 while travelling in India, leaving his company without access to about $190 million in Bitcoins and other cryptocurrency.

According to the CEO’s widow, Jennifer Robertson, Cotten was the only member of the QuadrigaCX team who knew the encrypted passcodes needed to gain access to the company’s cryptocurrency reserves.

When QuadrigaCX was in business, it couldn’t get a bank account because of the reluctance of traditional banking institutions. As a result, it turned to third-party payment processors to handle their accounts.

RBC expresses hesitation

Court documents show that in January 2018, CIBC froze the accounts for a payment processor known as Costodian, preventing QuadrigaCX from getting at more than $25 million. The bank said it was unable to determine who the funds belonged to, so it turned to the courts for help.

That money, in the form of five Bank of Montreal bank drafts, was eventually returned to Costodian and will soon be deposited into the monitor’s Royal Bank account, according to the court order issued Friday.

Another $5 million in other bank drafts are also expected to be handed to RBC, along with an unspecified amount of money from several third-party processors.

However, the Royal Bank “expressed hesitation” about accepting and distributing the money without “direction and relief” from the court, according to a monitor’s report issued Feb. 20.

‘Risks in everything you do’

In a draft court order submitted to Wood, Royal Bank and the Bank of Montreal agreed to transfer the funds, but both banks included clauses aimed at limiting their liability while carrying out their duties.

Wood questioned the banks’ lawyers about the need for such provisions, suggesting they may have gone too far.

“There’s always business risks in everything you do,” he told the lawyers.

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Ottawa’s not-for-profit book publisher provides Ottawa authors with hardcover printing

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Are you a writer in Ottawa seeking to become a self-published author? It has now become much easier to put your work up for sale and exceed your book sales target.

In previous times, authors were only able to publish their work traditionally and this process had many restrictions. Now with self-publishing, it is very easy for writers to get their work in front of their readers without spending lots of time and money.

Even with self-publishing, it is still important to choose the right platform as many authors who are in a haste to publish, easily fall victim by investing in the wrong platform and overlooking the key principles of success.

Despite how popular self-publishing has become amongst aspiring authors, only a handful of self-published books achieve high sales. In fact, only less than 1 per cent of most self-published books are really good and less than 5 per cent can pass as decent. 

Now, with professional guidance, self-publishing platforms like AgoraPublishing.com stand out from the rest particularly because of their commitment to ensuring that your work is of top quality, allowing it to attain mass marketability effortlessly.

Based out of Ottawa, Agora Publishing is a not-for-profit book publishing agency that has over the years supported self-published authors to achieve their book sales target. The agency has been in operation for over 20 years, consistently serving writers all around the globe who seek to take advantage of their numerous full-service options which are not provided by other competing platforms like Lulu or CreateSpace.

Unlike other comparative services that are driven by for-profit ethics, Agora Publishing pays critical attention to the quality and readiness of the writer’s manuscript, copy editing, book cover design and other areas of the book production and marketing process. They also provide professional hardcover printing services, which is a rarity for most self-publishing platform who only focus on producing digital copies.

While digital media has disrupted other industries such as news publishing and the entertainment business, a lot of readers still love to own physical books. According to a 2019 report by the Association of American Publishers, of almost $26 billion made from book sales in the U.S., book print made up over 90 per cent ($22.6 billion) of sales revenue compared to $2.04 billion for ebooks. These figures include genres such as trade, education as well as fiction and points to the fact that hardcover books are still very relevant.

“I think the e-book bubble has burst somewhat, sales are flattening off, I think the physical object is very appealing. Publishers are producing incredibly gorgeous books, so the cover designs are often gorgeous, they’re beautiful objects,” said Meryl Halls, managing director of the Booksellers’ Association in the U.K. in CNBC report.

Agorapublishing.com stands out from other self-publishing platforms and has become a great option for writers who want to self-publish high quality and mass marketable books in Ottawa in both digital and print formats.

The agency provides a host of professional community-driven services which include ISBN registration, book cover design, the book’s internal graphic design and typesetting, copy editing or substantive editing, book website design, author news blog design, search engine optimization (SEO), search engine marketing (SEM), the writing of informative promotional articles, distribution, printing, and many more.

Even with a captivating manuscript, having a below-par book cover can contribute to a dent in sales. Some new authors try to save cost by patronizing cheap homemade book covers that look inferior and this can drastically affect sales as readers still “judge a book by its cover”—especially cheap-looking books.

Nonetheless, platforms such as AgoraPublishing.com seek to serve writers in Ottawa with free professional consultation and advice on the readiness of their manuscript for production and a hands-on approach to ensuring that writers are provided with a high level of service at all levels of the production process. This way, your book goes through rigorous quality checks to ensure that only the best is made available to the public.

Agora Publishing has built a successful roadmap for its authors which includes their book production and marketing strategies. Their team of professionals work with authors to print highly durable and beautiful hardcover books with quality prints to attract the attention of book buyers.

Racing into the world of self-publishing can hit you with a cruel reality, therefore the only chance for success is having proper planning and preparation. AgoraPublishing.com provides Ottawa writers with expert services, handling the entire process for you to ensure your book attains the desired success almost instantly.

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Book Self-Publishing: AgoraPublishing.com is the best choice for Ottawa authors

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For writers in Ottawa, it is now easier than ever to put your work up for sale by becoming a self-published author. Unlike traditional publishing, self-publishing makes it very easy for writers to get their work in front of their readers without spending lots of time and money.

However, for many self-published authors who are in a haste to publish, they easily fall victim by overlooking key principles of success, leading to the failure of their books in achieving the desired sell-out rate.

Quite a large number of authors who are new to self-publishing get so many basic things wrong. Now, with professional guidance, self-publishing platforms like AgoraPublishing.com stand out from the rest particularly because of their commitment to ensuring that your work is of top quality, allowing it to attain mass marketability effortlessly.

Unlike other self-publishing platforms (CreateSpace, Lulu etc.), Agorapublishing.com is a great option for writers who want to self-publish high quality and mass marketable books in Ottawa.

Published authors earn money through book sales by receiving royalties—a percentage of the book’s retail price. The obvious way a published author makes money is through book sales. In traditional publishing, you could expect to receive around 8 to 15 per cent royalty on each book sale depending on your status as an author, the publisher, or your target market.

However, authors in Ottawa are choosing to self-publish with Agora Publishing as they can earn much more money from royalties. When you self-publish your book, you can earn much more in royalties.

One of the most common reasons for poor sales for Ottawa authors is being in a haste to self-publish a book without adequate planning. Some upcoming authors share the misconception that having a book means it’s go-to-market ready. But there must be adequate planning, enough promotion, a considerable amount of followership, amongst others.

Racing into the world of self-publishing can hit you with a cruel reality, therefore the only chance for success is having proper planning and preparation. Professional services like AgoraPublishing.com provides Ottawa writers with expert services, handling the entire process for you to ensure your book meets the highest standards. This way, you are certain that your work would attain success almost instantly.

Irrespective of how captivating your book might be, to capture the attention of readers, there needs to be some form of marketing. However, a lot of self-publishers make the mistake of assuming that once they’ve acquired the services of a publicist, listed it on Amazon and made social media posts, it is enough marketing.

Contrary to that belief, getting your book as much attention as needed requires you to exhaust every available marketing options at your disposal. AgoraPublishing.com provides professional marketing services to Ottawa authors and this makes it possible for their books to achieve a high number of sales.

For most traditional publishers in Ottawa, they tend to prioritize authors who have already created a specific niche. This leaves aspiring and relatively unknown authors with nothing more to do than wait in line before their book gets any sort of attention. Self-publishing is a much appealing option because no one is excluded or given preferential treatment; anyone has the potential to become a best-selling author. If you have good material, you can publish your book with professional guidance from Agora Publishing.

If you are worried about your book getting rejected by traditional publishers in Ottawa, self-publication with Agora Publishing is the best option for writers. It doesn’t matter how controversial your content is, opting to self-publish gets your work into the marketplace faster.

For self-published authors in Ottawa, they have more control over their work and choose any country, through any channel, and in any format (print, eBook, or audio) they want it sold. With help from Agora Publishing, authors can decide where and when to sell the book and the best way to promote it to reach a global audience.

Nonetheless, even with a perfect manuscript, having a below-par book cover can contribute to a dent in sales. For some new authors—in a bid to save cost—they tend to patronize homemade book covers that carry an inferior look. This can drastically affect sales as readers and book buyers do “judge a book by its cover”, especially terribly cheap-looking book covers.

Another quality check for any book that more often than not fails is the book description. Having a book description that is two-sentence long doesn’t qualify either does a lengthy preview of the first chapter.

Nonetheless, platforms such as AgoraPublishing.com provides Ottawa authors with unprecedented quality control and checks on all books to ensure that only the best is made available to the public.


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Book Self-Publishing: AgoraPublishing.com provides quality control that Amazon’s KDP lacks

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Many of today’s best-selling writers have chosen the path of self-publishing to become authors, bypassing traditional publishing. However, getting a highly successful self-published book can be quite a difficult task.

Technology has opened up new possibilities in the book publishing industry, changing the way publishers communicate with authors. Amazon Kindle Direct Publishing (KDP) has adopted a more digital experience for customer interaction, but there is a tendency to overlook the fact that self-publishing platforms such as AgoraPublishing.com provide much better quality control.

While the implementation of chatbots for customer interaction seems like a fascinating idea, human interaction is still the most preferred choice of communication. Verbal communication is faster, easier, and more effective than typing messages back and forth.

According to the Harvard Business Review, “Humans generally speak at 125-175 words per minute and can listen at a rate of up to 450 words per minute. In contrast, the average typist does 38-40 words per minute — and that’s on a full-fledged keyboard, not on a mobile phone.”

The success of a book is attributed to the level of planning, preparation and the amount of hard work put into it before it is launched into the market. For authors, even after hitting the shelves, there is still the need to diligently follow up on book sales and revise your plan wherever necessary.

While the idea of using a chatbot for customer communication might sound very progressive, the most preferred choice for authors remains human interaction and there are various reasons for that.

In the younger generations, many people are getting accustomed to the use of automated forms of customer service through mediums such as chatbots. However, human interaction is overall still the most preferred choice.

When trying to solve a customer service issue, 83 per cent of consumers would rather talk to a human than lay complaints via digital channels, according to research from Accenture Strategy. Despite the ability for Amazon’s KDP chatbot to respond to queries much faster or provide similar answers, it simply cannot provide the same feeling and assurance that speaking to a human at Agora Publishing provides.

Additionally, Agora Publishing provides offline accessibility while Amazon’s KDP chatbot requires internet connection before it can be accessed. Therefore, you would need to either download the app or visit their website to initiate a conversation with the chatbot or access the knowledge base content. This isn’t very reliable as in the event of poor internet connectivity, human-based customer service would always provide the authors with the required support.

Robots would always be robots; and while Amazon’s KDP chatbot is built on a framework loaded with different algorithms and scripts, no amount of programming would be enough to replace a human’s distinct ability to read subtle details from a person’s mood or language.

For example, if an author contacts a publisher and becomes agitated due to poor sales during the first few days of publishing, even the most sophisticated chatbot would never be able to replicate the warm, calm and empathetic response that a customer service representative would provide.

Additionally, in the cases of delayed publishing, having a conversation with an actual person who can provide a detailed explanation and subsequently apologize for the delays can be much more soothing to the customer than interacting with a chatbot.

Amazon’s KDP chatbot is capable of providing authors with basic help on some common issues, but unlike Agora Publishing, they are incapable of resolving every challenge that authors often need assistance solving.

For example, if an author needs help deciding what name would be best for a biography a deceased loved one and has questions about the cover design, royalty rates and marketing techniques. All of these multiple questions would come sequentially with each question and answer leading to the next. A chatbot would be unable to handle this kind of complexity due to the multiple requests being made by the author.

In conclusion, while technology has made self-publishing much easier than before, a human agent is still the most effective way to communicate with publishers. They can sympathize with an author wherever necessary before proceeding to provide detailed responses to every query.

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