Coinsquare crypto exchange announces the addition of two new members to the board of directors. It is revealed that the exchange was under the surveillance of the Canadian regulators as it was facing allegations of wash trading.
On November 25, 2020, Coinsquare announced the addition of Nicholas Thadaney and Wendy Rudd as the board members. Thadaney has served as president of the Toronto Stock Exchange and chief executive officer of Global Equity Capital Markets, TMX Group Limited. While on the other hand, Rudd is a Canadian Regulatory Technology Association’s board member.
Coinsquare Going Through Major Organizational Changes
Besides, this is not the only addition that has been made to the exchange as Coinsquare is going through a lot of major changes. Back in July, the exchange has been through major leadership changes. This was the time when the exchange was facing allegations of having been involved in wash trading by the Ontario Securities Commission (OSC).
Cole Diamond, former CEO, Virgile Rostand, President, and Felix Mazer, CCO of the exchange, have resigned from their position. The regulators have banned all three of them from acquiring any position at Coinsquare for around 1 to 3 years. The exchange has then managed to fill up the position of CEO, CCO, and COO in August.
Stacey Hoisak, CEO of the exchange, has said:
“The measures we have taken are in strict adherence to regulatory requirements and demonstrate Coinsquare’s strengthened commitment to our clients, employees, shareholders, and the digital asset community.”
A Customer-Centric Safe Place to Trade
Hoisak has also mentioned that the main aim of Coinsquare is to provide a complete customer-centric and safe place for trading. Despite facing so many changes and difficulties, it seems that exchange is keeping up the pace. It is yet to be seen how this new addition of board members will turn out for the exchange.