Wash trading is the illegal practice of inflating exchange volumes to show fake Liquidity . According to a statement from the OSC earlier today in Canada, the settlement agreement relates to market manipulation on the Coinsquare platform, misleading statements to investments, and reprisal against an internal whistleblower.
Coinsquare admits to market manipulation
By agreeing to the settlement, the cryptocurrency trading platform has admitted to engaging in market manipulation by reporting inflated trading volumes. In particular, between the 17th of July 2018 until the 4th of December 2019, the Trading Platform reported around 840,000 wash trades, amounting to an estimated 590,000 bitcoins. This represented more than 90 percent of the reported trading volume on its platform.
Coinsquare has also admitted that it made misleading statements to conceal the wash trades following a number of clients and members of the public questioning the suspicious trading volumes.
CEO and President to Resign
As part of the settlement agreement, the CEO of Coinsquare, Diamond, and President and Founder Rostand, have agreed to both resign from their positions and pay administrative penalties of $1 million and $900,000, respectively.
Under the settlement, Diamond and Rostand have been banned as acting as registrants, directors, or officers of other market participants for three and two years, respectively. Furthermore, the conditions of the settlement prohibit the two from influencing the management of the Coinsquare platform for at least three years.
Mazer, on the other hand, who is an executive at Coinsquare, will be subject to a one-year ban from acting as a director or officer of a registrant, or from holding a position that requires registration, the OSC said in its statement.
The settlement reached between the two parties also shows that Mazer has resigned from his role as Chief Compliance Officer (CCO) and that he has made a voluntary payment of $50,000 to the regulator.
With the settlement being agreed to, Coinsquare, Diamond, and Rostand will pay a total of $300,000 to cover the costs of the OSC’s investigation into the trading platform's misconduct.
OSC: Coinsquare lied to investors
Commenting on the settlement, Jeff Kehoe, Director of the Enforcement Branch at the OSC said in the statement: “Despite several employees raising concerns about inflated trading volumes, Coinsquare not only stuck with the practice but lied to investors about it and retaliated against a whistleblower.
“Being an innovator in our capital markets is not a free pass to disregard Ontario securities law. All market participants – including those in novel industries – must act honestly and responsibly.”
Following the settlement, Coinsquare and its subsidiary, which are seeking registration with the OSC (Coinsquare Capital Markets Ltd.), will need to implement “substantial corporate governance improvements,” the regulator said.
“Once corporate governance changes are made, Coinsquare Capital Markets must resubmit complete and updated applications for registration to the OSC and to the Investment Industry Regulatory Organization of Canada (IIROC),” the Canadian authority said in its statement earlier today.
Wash trading is the illegal practice of inflating exchange volumes to show fake Liquidity . According to a statement from the OSC earlier today in Canada, the settlement agreement relates to market manipulation on the Coinsquare platform, misleading statements to investments, and reprisal against an internal whistleblower.
Coinsquare admits to market manipulation
By agreeing to the settlement, the cryptocurrency trading platform has admitted to engaging in market manipulation by reporting inflated trading volumes. In particular, between the 17th of July 2018 until the 4th of December 2019, the Trading Platform reported around 840,000 wash trades, amounting to an estimated 590,000 bitcoins. This represented more than 90 percent of the reported trading volume on its platform.
Coinsquare has also admitted that it made misleading statements to conceal the wash trades following a number of clients and members of the public questioning the suspicious trading volumes.
CEO and President to Resign
As part of the settlement agreement, the CEO of Coinsquare, Diamond, and President and Founder Rostand, have agreed to both resign from their positions and pay administrative penalties of $1 million and $900,000, respectively.
Under the settlement, Diamond and Rostand have been banned as acting as registrants, directors, or officers of other market participants for three and two years, respectively. Furthermore, the conditions of the settlement prohibit the two from influencing the management of the Coinsquare platform for at least three years.
Mazer, on the other hand, who is an executive at Coinsquare, will be subject to a one-year ban from acting as a director or officer of a registrant, or from holding a position that requires registration, the OSC said in its statement.
The settlement reached between the two parties also shows that Mazer has resigned from his role as Chief Compliance Officer (CCO) and that he has made a voluntary payment of $50,000 to the regulator.
With the settlement being agreed to, Coinsquare, Diamond, and Rostand will pay a total of $300,000 to cover the costs of the OSC’s investigation into the trading platform's misconduct.
OSC: Coinsquare lied to investors
Commenting on the settlement, Jeff Kehoe, Director of the Enforcement Branch at the OSC said in the statement: “Despite several employees raising concerns about inflated trading volumes, Coinsquare not only stuck with the practice but lied to investors about it and retaliated against a whistleblower.
“Being an innovator in our capital markets is not a free pass to disregard Ontario securities law. All market participants – including those in novel industries – must act honestly and responsibly.”
Following the settlement, Coinsquare and its subsidiary, which are seeking registration with the OSC (Coinsquare Capital Markets Ltd.), will need to implement “substantial corporate governance improvements,” the regulator said.
“Once corporate governance changes are made, Coinsquare Capital Markets must resubmit complete and updated applications for registration to the OSC and to the Investment Industry Regulatory Organization of Canada (IIROC),” the Canadian authority said in its statement earlier today.
Federal Prosecutors Charge Samurai Wallet Founders with Money Laundering
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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