The Canada Revenue Agency (CRA) has secured access to user data from Coinsquare, the country’s leading cryptocurrency exchange. This is evidenced by a court ruling dated March 19, 2021.
The trading platform is obliged to provide the department with detailed information about its clients from Canada since 2013 within 60 days. We are talking about the details of transactions, the number of transfers, types of currencies and other documentation.
Coinsquare said in a comment to CoinDesk that it will reveal data from 5% to 10% of its 400,000 users. According to the publication, CRA has already contacted the exchange with an additional request.
In July 2020, the Ontario Securities Commission accused Coinsquare of falsifying 90% of trading volumes.
Later, the exchange removed the management at the request of the regulator. The CEO of the company Cole Diamond, its founder Virgile Rostand and the managing director Felix Mazer left their posts. All of them were also heavily fined.
Recall that in November, CRA requested data on Coinsquare customers in order to check their compliance with tax obligations.