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Canada Tax Collector Seeks to Force Crypto Exchange Coinsquare to Fork Over Client Records
The demand mimics a play tax enforcers at the IRS deployed against Coinbase.
By Danny Nelson
Updated Sep 14, 2021, 10:28 a.m. Published Nov 6, 2020, 6:05 p.m.
The Canadian Revenue Agency is asking a judge to force cryptocurrency exchange Coinsquare to hand over seven years of client data in a legal action that could help it audit Canadians for unreported crypto gains.
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- CRA wants to check whether Coinsquare's users "complied" with their tax reporting obligations, according to the National Post.
- Canada's tax collectors appear to be testing a tactic their U.S. peers at the Internal Revenue Service deployed against Coinbase: pursue crypto customer records (with the help of the courts).
- However, CRA's demands for data on all customers dating back to 2013 is far larger than the IRS' comparatively limited request for documents on high-spending clients, a play that ultimately netted some 13,000 records.
- Coinsquare CEO Stacey Hoisak told the National Post her exchange is still deciding how to react in response to the CRA's September demand.
- It was not immediately clear if CRA's inquiry is related to the Ontario Securities Commission's July crackdown on Coinsquare's reported fake trading volume.
- Coinsquare's top brass resigned and paid hefty fines in a settlement where they admitted to orchestrating a wash trading operation.
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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
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- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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