{"id":9377,"date":"2020-07-22T19:50:30","date_gmt":"2020-07-22T16:50:30","guid":{"rendered":"https:\/\/forklog.media\/?p=9377"},"modified":"2020-07-22T19:50:30","modified_gmt":"2020-07-22T16:50:30","slug":"execs-of-crypto-exchange-coinsquare-resign-over-market-manipulation-accusations","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/execs-of-crypto-exchange-coinsquare-resign-over-market-manipulation-accusations\/","title":{"rendered":"Execs of Crypto Exchange Coinsquare Resign Over Market Manipulation Accusations"},"content":{"rendered":"<p>The senior executives of Canada\u2019s biggest cryptocurrency exchange Coinsquare have conceded to the <a href=\"https:\/\/www.osc.gov.on.ca\/documents\/en\/Proceedings-SET\/set_20200716_coinsquare.pdf\">request<\/a> from the Ontario Securities Commission (OSC) to resign, after being charged with falsifying trade volumes.<\/p>\n<p><!--more--><\/p>\n<p>The platform admitted conducting 840,000\u00a0 illicit transactions to the aggregate amount of 590,000 BTC, as well as the fact that the top management knowingly incentivized employees to feign trading.<\/p>\n<p>The exchange also admitted that it had taken a reprisal against an employee who wanted to report the illicit activity to authorities.<\/p>\n<p>Coinsquare CEO Cole Diamond, founder Virgile Rostand, and manager Felix Mazer are now obliged to step down from their positions, with Diamond to pay a $1 million fine and Rostand to pay $900,000. On top of that, they are officially banned from any operations involving cryptocurrencies for three years.<\/p>\n<p>Mazer has already paid a $50,000 fine. He won\u2019t be able to be a market participant for one year.<\/p>\n<p>The regulator recommended that the exchange revises its management model and introduces a whistleblower support program.<\/p>\n<p>Initially, the OSC accused Coinsquare of inflating its trade volumes by 600,000 BTC. According to the regulator, 90% of the trade volume at the exchange was created artificially in an illegal practice known as wash trading, or a strategy where the same person acts as both the seller and the buyer, over the period from July 17, 2018, to December 4, 2019.<\/p>\n<p><b>Follow us on <\/b><a href=\"https:\/\/twitter.com\/forklogmedia\"><b>Twitter<\/b><\/a><b> and <\/b><a href=\"https:\/\/www.facebook.com\/forklogmedia\"><b>Facebook<\/b><\/a><b> and join our <\/b><a href=\"https:\/\/t.me\/forklogmedia\"><b>Telegram channel<\/b><\/a><b> to know what\u2019s up with crypto and why it\u2019s important.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The senior executives of Canada\u2019s biggest cryptocurrency exchange Coinsquare have conceded to the request from the Ontario Securities Commission (OSC) to resign, after being charged with falsifying trade volumes.<\/p>\n","protected":false},"author":6,"featured_media":9371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[771,838],"class_list":["post-9377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canada","tag-coinsquare"],"aioseo_notices":[],"amp_enabled":true,"views":"753","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9377"}],"version-history":[{"count":4,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9377\/revisions"}],"predecessor-version":[{"id":9381,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9377\/revisions\/9381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9371"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}