Following the statements of that Coinsquare, Canadian crypto firm is falsifying and causing confusion among clients regarding the trade volumes, the management team is going to resign.
Coinsquare management team is suspended and fined
The Canadian crypto firm has agreed to make a deal with Ontario Security Commission, so the company co-founders Koul Diamond (CEO) and Virgil Rostand (President) will quit the firm and pay administrative fines under the agreement.
The regulators announced that both CEO and president had admitted to overestimation of trading volumes, while Diamond confessed he took response action against the inner informer who reported on fraud and expressed concerns about this issue.
To settle the case, the president will pay $1 million of administrative fines, while Rostand — $900 thousand. The company’s CCO who is being accused of misuse of responsibilities, has agreed to pay $50 000. Coinsquare as a firm will pay $ 200 000.