Coinsquare stands as a crypto exchange that has seen its fair amount of scrutiny by Canada-based regulators. This comes after allegations were made against it regarding wash-trading. On Wednesday, the firm announced that two new members would be added to its Board of Directors.
Two New Heads On The Board
The announcement itself, coming on the 25th of November, had the exchange declare Wendy Rudd and Nicholas Thadaney as the new members joining the exchange’s Board. Rudd stands as a Board member of the Canadian Regulatory Technology Association, with Thadaney boasting being the former President of the Toronto Stock Exchange.
These new appointments run in tandem with major leadership changes that occurred mid-year. Back in July, Virgile Rostand and Cole Diamond, former President and CEO, respectively, had stepped down after an agreement was reached with the Ontario Securities Commission (OSC).
Alongside this, Felix Mazer, the former Chief Compliance Officer, had resigned from his position. All three of these members had been banned by the Canadian regulator from taking on any sort of management position at Coinsquare. This ban stretched from 1 to 3 years, and comes as a result of allegations where the exchange had been accused of taking part in wash trading.
Scrambling For Replacements
The exchange then had to find replacements, giving Stacey Hoisak the title of CEO and Eric Richmond the position of COO. Lawrence Truong replaced Mazer as the CCO, in turn. Alongside this, Coinsquare had announced that it had applied with the OSC in order to operate as a fully-regulated digital asset marketplace within the country.
Hoisak gave a public statement about its new move to be regulatory friendly. He explained that these new measures taken by Coinsquare adhere strictly to the requirements made by the country’s regulators. As such, Hoisak claimed that this move reaffirms the exchange’s commitment to employees, clients, the digital asset community, and its shareholders. Hoisak explained that the goal of Coinsquare is to create a place for Canadians to trade in digital assets, one that is safe and centered around the customers.
A Sad Fact Of Crypto exchanges
The OSC had accused Coinsquare of wash trading back in July. Wash trading itself means to artificially inflate its trade volumes by way of zero-fee market trades done in their own orders. What this practice does, is it creates the appearance of a larger amount of trading activity than what is actually happening. This tactic is used by the top crypto exchanges out there, with it being harder to find an exchange not doing it than it is to find one doing it. As time goes on, this trend will doubtlessly change to a more fair outlook.
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