Bitcoin

Coinsquare cryptocurrency exchange expands its board of directors with new members

Coinsquare, a cryptocurrency exchange that has been scrutinized by Canadian regulators in the wake of allegations of the laundry trade, said he would add two new members to his board of directors.

In an announcement on November 25th The exchange said Nicholas Thadaney and Wendy Rudd will join its board of directors. Thadaney was President of the Toronto Stock Exchange and Rudd is currently a board member of the Canadian Regulatory Technology Association.

The new appointments follow a major change in leadership mid-year. In July, CEO Cole Diamond and President Virgile Rostand resigned under an agreement with the Ontario Securities Commission (OSC), and Chief Compliance Officer Felix Mazer resigned from their positions. Canadian regulators banned the three from assuming executive positions at Coinsquare for a period of 1 to 3 years after claims the exchange operated laundry..

Coinsquare cryptocurrency exchange expands its board of directors with new members
Coinsquare cryptocurrency exchange expands its board of directors with new members

Instead, The exchange confirmed Stacey Hoisak as Managing Director, Lawrence Truong as Chief Compliance Officer and Eric Richmond as Chief Operating Officer in August.. The exchange also reported that it had filed an application with the CSO to manage a regulated market for digital assets in Canada.

“”The measures we have taken strictly comply with the legal requirements and show the increased commitment of Coinsquare with our customers, employees, shareholders and the digital asset community, “said Hoisak. “Our goal is to create a customer-centric safe place for Canadians to trade digital assets.”.

In July, the OSC accused Coinsquare of having laundered the trade and artificially increased its trading volume by doing free trade deals on its own orders.. This practice creates the appearance of a large, non-changing business activity and is an industry-wide problem.

The exchange later admitted to having carried out around 840,000 laundry transactions between July 2018 and December 2019. with an added value of 590,000 Bitcoin (BTC), approximately $ 11.1 billion at the time of going to press.

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