Canadian cryptocurrency exchange Coinsquare has announced changes to the Board of Directors. Former company executives have resigned after allegations were made by local regulators.
According to the notice, coinsquare's Board of Directors is joined by Nicholas Tadani and Wendy Rudd, both of whom have experience in the areas of securities regulation in Canada, investment dealers and regulated markets.
In July, the Ontario securities Commission charged Coinsquare executives, including CEO Cole diamond, founder Virgil Rostand, and Manager Felix Maser, with inflating trading volumes and pressuring an informant. Subsequently, all three were fined and left the company with a ban to engage in activities in the market for several years.
"We have taken these measures in strict compliance with regulatory requirements and in order to demonstrate a stronger commitment to customers, employees, shareholders and the digital asset community. We are committed to creating a customer – focused, secure place where Canadians can trade digital assets," Coinsquare writes.
According to the regulator, fraudulent transactions accounted for 90% of Coinsquare's trading activity from July 2018 to December 2019. From July 17, 2018 to December 4, 2019, there were 840,000 such transactions with a total volume of 590,000 BTC, or over $11 billion at the current exchange rate.