Canada Tax Collector Seeks to Force Crypto Exchange Coinsquare to Fork Over C...
The demand mimics a play tax enforcers at the IRS deployed against Coinbase.
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Canada’s tax authority is reportedly asking a federal court to force cryptocurrency exchange Coinsquare to hand over information and certain documents on all of its users since the beginning of 2013. The Canadian crypto exchange has over 200,000 users. Canada Revenue Agency Wants Data on All Coinsquare Users The Canadian tax authority has asked a federal judge to force Coinsquare “to hand over information and certain documents about all its clients” since the beginning of 2013, the National Post reported on Friday, elaborating: The Canada Revenue Agency wants to know the....
All crypto exchanges must register with IIROC if they want to operate in Canada, and there is currently a backlog of applications. Coinsquare, Canada's longest-operating crypto asset trading platform, announced on Oct. 12 that the Investment Industry Regulatory Organization of Canada (IIROC) had approved its dealer registration and IIROC membership. This regulatory status will now position Coinsquare as the first crypto-only IIROC-registered investment dealer and marketplace member in Canada. The Coinsquare team wrote:"In dealing with an IIROC registrant, Coinsquare clients now have the....
The past actions of bad actors has forced the country's regulators to take a tough stance on crypto exchanges. It's a story that still haunts the early generation of Canadian crypto users to this day. Four years prior, Gerald Cotten, co-founder of Canada's then-largest cryptocurrency exchange QuadrigaCX, died under mysterious circumstances in India. But, before his passing, Cotten took virtual keys for digital wallets and moved them into cold storage, leading to the permanent loss of $190 million in user funds.The incident triggered a crisis of confidence in the country's emerging crypto....
Since the beginning of the year, two of the major Canadian exchanges have shut down their operations bringing up difficult times for Canadian Bitcoiners. This has reduced the ability for Canadian bitcoin enthusiasts to easily buy and sell the digital currency. But not everything is bad news, as some regulatory pressure is on exchanges such as QuadrigaCX, Cointrader and Coinsquare.io working hard to improve their services. Coinsquare.io already opened a CAD order book on their exchange platform some time ago and now the Canadian exchange announce a new partnership with INTERAC®, one of the....
CoinSmart reported $16.7 million in gross revenue in 2021 as retail trading volumes soared during the Bitcoin bull market. Canada’s crypto exchange landscape appears to be consolidating after Coinsquare, one of the largest digital asset trading platforms in the country, acquired CoinSmart for an undisclosed amount. On Thursday, Coinsquare announced that it had entered into a definitive agreement to purchase all issued and outstanding shares of CoinSmart’s wholly-owned subsidiary Simply Digital. Once the deal becomes final, CoinSmart will hold a roughly 12% ownership stake in Coinsquare on....