Quadriga CX
QuadrigaCX was a Canadian centralized cryptocurrency exchange founded in 2013 that grew to become Canada's largest crypto exchange serving over 76,000 retail investors, before collapsing in 2019 following founder Gerald Cotten's death and the discovery of large-scale fraud.
- Company typePrivate
- Founded2013
- HeadquartersVancouver, Canada
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Quadriga CX does
QuadrigaCX was a Canadian centralized cryptocurrency exchange founded in 2013 by Gerald Cotten and headquartered in Vancouver, British Columbia. At its peak the platform was Canada's largest cryptocurrency exchange, serving over 76,000 retail investors who used it to buy, sell, and trade digital assets including Bitcoin and Ethereum. The exchange operated as a direct-to-consumer online trading platform, generating revenue through transaction fees on cryptocurrency trades.
The company operated without formal regulatory oversight under Canadian securities frameworks, and customer funds were held under centralized control by the founder. Following Gerald Cotten's sudden death in December 2018 while traveling in India, approximately $190 million in customer cryptocurrency became inaccessible. An Ontario Securities Commission investigation concluded that the collapse was primarily attributable to fraud: Cotten had created fake accounts with fictitious balances and traded against real customers using non-existent funds, with losses exceeding $160 million across the affected user base. Affected users recovered under 30 percent of estimated losses.
The QuadrigaCX collapse became a watershed event in Canadian crypto regulation. In February 2025, the Canadian Investment Regulatory Organization (CIRO) announced a comprehensive digital asset custody framework explicitly in response to the 2019 failure. The exchange is closed, its website now displays only a default Apache2 Ubuntu server page, and the legal entity is not operational. The case is now cited as a cautionary example of concentration risk under single-operator control and the absence of segregation of customer assets.
Quadriga CX firmographics
Firmographics- Name
- Quadriga CX
- Legal name
- QuadrigaCX
- Website
- https://quadrigacx.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Closed
- Headcount range
- 11–50 employees
- Short description
- QuadrigaCX was a Canadian centralized cryptocurrency exchange founded in 2013 that grew to become Canada's largest crypto exchange serving over 76,000 retail investors, before collapsing in 2019 following founder Gerald Cotten's death and the discovery of large-scale fraud.
- Ownership category
- akta.pro rank
Quadriga CX industry classification
Industry- Product category
- Cryptocurrency Exchange
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Centralized Crypto Exchanges (CEX) (FSAPADAA)
Keywords
Where Quadriga CX is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Quadriga CX business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Cryptocurrency exchange trading fees: Transaction fees from buying and selling cryptocurrencies on the platform. As Canada's largest cryptocurrency exchange, the platform generated revenue through trading commissions and spreads.
Go-to-market motion1 record
Quadriga CX product offering
Product offeringCore offering
QuadrigaCX was a centralized Canadian cryptocurrency exchange platform that allowed users to buy, sell, and trade cryptocurrencies including Bitcoin and Ethereum. The platform provided retail investors with digital asset trading services and custody functions. The exchange is now defunct following fraud by its founder that left approximately $190 million in customer funds inaccessible.
Product overview
QuadrigaCX was Canada's largest cryptocurrency exchange, operating as a single unified trading platform. The exchange allowed users to buy, sell, and trade cryptocurrencies including Bitcoin and Ethereum. Following the sudden death of founder Gerald Cotten in December 2018, approximately $190 million in customer funds became inaccessible, affecting over 76,000 investors with losses exceeding $160 million. The exchange has since collapsed and is not operational.
Differentiator
Problem solved
Functional benefit
Products and services
- QuadrigaCX Cryptocurrency Exchange Platform Centralized online cryptocurrency exchange platform that allowed Canadian retail investors to buy, sell, and trade cryptocurrencies including Bitcoin and Ethereum, with integrated digital asset custody functions. The platform served over 76,000 users before becoming defunct in 2019.
Companies that use Quadriga CX
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Quadriga CX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Quadriga CX partnerships and signals
Strategic signalScale indicators5 records
Recent moves3 records
Expansion highlights1 record
Quadriga CX competitors and assessment
Company assessmentBroad incumbents
- Binance: Global centralized cryptocurrency exchange offering spot, derivatives, and fiat on-ramp services to retail investors worldwide. Overlaps with QuadrigaCX in core retail spot trading and served Canadian users prior to its Canadian exit, making it a broad incumbent peer.
- Coinbase: Publicly traded U.S.-based centralized cryptocurrency exchange offering spot trading, custody, and fiat on/off-ramps. Directly comparable to QuadrigaCX in core product (retail spot crypto trading) but as a regulated, broad-incumbent operator rather than a defunct niche player.
Direct peers
- FTX: Major centralized cryptocurrency exchange that collapsed in November 2022 due to fraud and misuse of customer funds by leadership. Closely parallels QuadrigaCX as a fraudulent CEX failure involving commingled customer assets and a single controlling insider.
- Kraken: Long-standing centralized cryptocurrency exchange offering spot trading of Bitcoin, Ethereum, and other digital assets to retail and professional clients. Direct peer to QuadrigaCX in product scope (spot CEX), distinguished by regulatory compliance and operational continuity.
- Mt. Gox: Historic centralized Bitcoin exchange that collapsed in 2014 following fraud and security failures, leaving hundreds of thousands of customers unable to access funds. Directly comparable to QuadrigaCX as a defunct CEX whose collapse stemmed from operator misconduct and inadequate controls.
Regional players
- Coinsquare: Canadian centralized cryptocurrency exchange offering spot trading and custody services to Canadian retail investors. Direct regional peer to QuadrigaCX in the Canadian retail crypto exchange category, positioning itself as a regulated successor in the post-QuadrigaCX market.
- Bitbuy: Canadian-registered centralized cryptocurrency exchange offering spot trading of Bitcoin and other digital assets to Canadian retail investors. Direct regional peer to QuadrigaCX in serving the Canadian retail spot-trading market that QuadrigaCX once dominated.
- NDAX: Canadian-registered centralized cryptocurrency exchange based in Calgary offering spot trading of major digital assets to Canadian retail and institutional clients. Comparable to QuadrigaCX as a Canadian-domiciled CEX operating in the same regulatory and customer landscape.
Market position
Weaknesses5 records
Competitive moat1 record
Key risks6 records
Key highlights2 records
Customer concentration
Quadriga CX social profiles
Digital presenceQuadriga CX financial estimates
Financial estimateRevenue estimate
Valuation estimate
Quadriga CX leadership team
Management profileNumber of profiles
Quadriga CX funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Quadriga CX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Quadriga CX
What does Quadriga CX do?
QuadrigaCX was a centralized Canadian cryptocurrency exchange platform that allowed users to buy, sell, and trade cryptocurrencies including Bitcoin and Ethereum. The platform provided retail investors with digital asset trading services and custody functions. The exchange is now defunct following fraud by its founder that left approximately $190 million in customer funds inaccessible.
Is Quadriga CX a public or private company?
Quadriga CX is a private company. It is classified as founder individual operated bootstrapped and is currently closed.
When was Quadriga CX founded?
Quadriga CX was founded in 2013. It employs 11 to 50 people.
Where is Quadriga CX based?
Quadriga CX is headquartered in Vancouver, Canada, in the North America region.
How does Quadriga CX make money?
One revenue line is on record: cryptocurrency exchange trading fees.
Who are Quadriga CX's main competitors?
Broad incumbents on record are Binance and Coinbase. Direct peers are FTX, Kraken and Mt. Gox. Regional players are Coinsquare, Bitbuy and NDAX.
Does Quadriga CX have an API?
No public API is recorded for Quadriga CX.
What industry is Quadriga CX in?
Quadriga CX's product category is Cryptocurrency Exchange. Its primary akta.pro industry code is FSAPADAA, Centralized Crypto Exchanges (CEX). Its NAICS code is 522320 and its SIC code is 6200.