Canadian regulator accused Coinsquare of falsifying 90% of trading volumes
Ontario Securities Commission indicted Canadian cryptocurrency exchange Coinsquare of illegally overstating trading volumes.
The indictment lists the names of Coinsquare CEO Cole Diamond, founder Virgil Rostand and manager Felix Mather. According to the regulator, they deliberately manipulated the market using fake trading volumes and attracted their subordinates to this activity..
In particular, Diamond gave orders to employees to engage in laundering trading, and Rostand developed and implemented code that allowed them to conduct such operations, the statement said. Mather served as Coinsquare’s Chief Compliance Officer from May 2018 to June 2020, but “did not take action to be taken by a proper CCO in his place.”.
Fraudulent transactions accounted for 90% of Coinsquare’s trading activity from July 2018 to December 2019, according to the regulator. From July 17, 2018 to December 4, 2019, 840,000 such transactions were carried out with a total volume of 590,000 BTC, or over $ 5.4 billion at the current rate..
The commission also states that Coinsquare has punished a whistleblower who drew attention to the exchange violations. The media previously cited e-mails, messages in the Slack messenger and other sources of information as evidence of the company’s guilt..
On July 21, a hearing will be held at which it will be decided whether it is in the public interest to reconcile the department with the exchange, or if other measures should be taken in relation to it..
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