Crypto Exchange, Execs Pay $1.7M In Wash Trading Scandal
Law360 (July 22, 2020, 6:29 PM EDT) -- Three top executives with Canadian cryptocurrency exchange Coinsquare, including its chief compliance officer, have resigned as part of a nearly CA$2.3 million ($1.7 million) settlement agreement with Ontario securities regulators tied to a market manipulation scandal that included illegal retaliation against an internal whistleblower.
The company admitted that it hid from clients hundreds of thousands of so-called wash trades, which are simultaneous buy and sell orders used to create misleading trading activity, and retaliated against the whistleblower and others who repeatedly voiced concerns to management, the Ontario Securities Commission announced Tuesday.
"Despite several employees raising concerns about inflated trading volumes, Coinsquare...
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