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Tax Canada gains access to Coinsquare customer data

The Canadian Internal Revenue Service (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 within 60 days from 2013. We are talking about the details of transactions, the amount 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 turned to 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 guide at the request of the regulator. The CEO of the company Cole Diamond, its founder Virgil Rostand and the managing director Felix Meyser left their posts. All of them were also awarded heavy fines.

Recall that in November, CRA requested data on Coinsquare customers in order to check their compliance with tax obligations.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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