Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

This story haunts Canadian crypto users today. In India, Gerald Cotten, the co-founder of Canada’s largest cryptocurrency exchange QuadrigaCX in 2004, died from mysterious causes. However, Cotten, who was co-founder of Canada’s largest cryptocurrency exchange QuadrigaCX, died in India four years prior. He took digital keys for digital wallets, and stored them in cold storage. This resulted in the permanent loss $190 million worth of user funds.

This incident caused a crisis in confidence in the country’s crypto sector, and regulators were deeply skeptical about blockchain technology. But, the old wounds heal eventually. Now, Coinsquare is Canada’s largest cryptocurrency exchange, boasting $8 billion cumulative trading volume since 2014.

Interview with Cointelegraph’s business editor Sam Bourgi. Eric Richmond, chief operating officer of Coinsquare, explained that there is now a regulatory framework in place to prevent similar incidents in future.

“We have a different approach to crypto trading than the U.S. Unlike the U.S., all Canadian crypto trading platforms must be registered with the Investment Industry Regulatory Organization of Canada. We submitted our application in Nov. 2020, as we wanted to become one of the first regulated players. There is currently a backlog.

The regulation was only recently in force. All crypto exchanges have a two year exemption and must register with IIROC during that time. Coinsquare is currently the only company in the space to be IIROCregistered. The company also has strict rules when it comes listing new tokens in order to prevent its users falling for scams.

We evaluated the technology behind the website, its marketing and the team behind it. We also analyzed potential legal issues and irregular price movements. We review his detailed analysis of different teams (compliance, legal, security). It’s all about understanding the token. If it passes these tests, the listing threshold will be set.”

Canadian regulators took a tough stance against exchanges that are alleged to not be following the new rules. Binance, which had been operating in Ontario since March, admitted to the Ontario Securities Commission that it wasn’t registered there. The OSC also took enforcement action against KuCoin, Bybit and other cryptocurrency exchanges, alleging a violation to securities laws.

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Amy Jimenez– Services My name is Amy Jimenez, and I am the main writer behind the" allthetopnews.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.

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