Canadian tax agency demands crypto exchange to hand over customer data

Monday 16 November 2020 13:05 CET | News

The Canadian Revenue Agency (CRA) has asked the federal court to force crypto exchange Coinsquare to hand over customer information, as part of its efforts to fight tax fraud.

The Canadian tax agency wants to get more information on data about the crypto firm’s customers since the beginning of 2013. The CRA explained in a September 2020 filing that it would use the requested information to makes sure that Coinsquare clients have complied with their duties and obligations under Canadian tax law.

It is the first time that CRA actively sought out such an extensive amount of data from a crypto trading platform, according to Token Post.

Ontario Securities Commission (OSC) has already imposed a CAD 2.2 million in sanctions on Coinbase for faking its trading volume. The platform was also accused of trying to cover it up by firing a whistle-blower.

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Keywords: Canadian Revenue Agency, Coinbase, crypto exchange, tax fraud, Canada, cryptocurrency
Categories: DeFi & Crypto & Web3
Countries: Canada
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DeFi & Crypto & Web3

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