Canada’s tax authority gains access to Coinsquare customer data

The Canada Revenue Agency (CRA) gained access to Coinsquare’s user data. This is evidenced by a court order dated March 19, 2021.

Within 60 days the trading platform was required to hand over to the agency detailed information about its Canadian clients dating back to 2013. The data includes transaction details, transfer amounts, currencies, and other documentation.

Representatives of Coinsquare, in comments to CoinDesk, clarified that they would disclose data for 5% to 10% of their 400,000 users. According to the report, the CRA has already approached the exchange with an additional request.

In July 2020, the Ontario Securities Commission charged Coinsquare with falsifying 90% of trading volumes.

Subsequently, the exchange suspended the leadership at the regulator’s request. CEO Cole Diamond, founder Virgil Rostand, and chief operating officer Felix Meizer left their posts. All of them were also fined substantial sums.

Back in November, the CRA requested data on Coinsquare’s customers to verify their tax obligations.

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