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Coinsquare finds itself at the center of a scandal
Canadian Exchange finds itself in the middle of laundering scandal.
Coinsquare CEO forced employees to conduct imaginary deals.
For the first time, suspicious activity began to be noticed back in 2018.
The CEO of a Canadian cryptocurrency exchange forced employees to make fake trades to maintain imaginary liquidity.
Coinsquare, a Canadian-based cryptocurrency exchange, artificially inflated trading activity on the site.
This is reported by the Motherboard edition, referring to the received correspondence within the exchange..
According to the published correspondence, Coinsquare was constantly engaged in money laundering, which means that the exchange bought and sold currency between accounts controlled by it..
Money laundering is common on many unregulated cryptocurrency exchanges.
Motherboard’s documents include a March 2019 post from Coinsquare CEO Cole Diamond.
In it, Diamond demanded to re-enable the functionality of laundering trading after one of the employees turned it off, fearing retaliation from the regulatory authorities..
For the benefit of business
Money laundering is prohibited in many countries around the world, including the United States, as its activities are aimed at manipulating prices.
Some leaks also report that the head of Coinsquare insisted that the company practice laundering even though the company’s employees were reluctant to participate..
Coinsquare allegedly manipulated trading activity during 2018 and 2019, according to published documents.
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Suspicious activity on Coinsquare began to be noticed back in August 2018.
Cryptocurrency community members on Reddit noticed that most of Coinsquare’s trading took place outside of normal trading hours..
Public Relations Manager at the Ontario Securities Commission Kristen Rose declined to comment on Coinsquare investigations due to money laundering.
Earlier, the Canadian regulator published the results of an investigation into the suspicious activity of the controversial crypto exchange QuadrigaCX.
According to the commission, QuadrigaCX was nothing more than a fraudulent scheme.
Recall that the QuadrigaCX crypto exchange crashed in 2019 after the sudden death of its founder Gerald Cotten, who passed away in India..
Cotten was the only owner of the private keys from the exchange wallets.
As a result, more than $ 190 million on the accounts of the clients of the exchange were unavailable due to the impossibility of hacking.