The Canadian Ontario Securities Commission (OSC) has accused the Coinsquare crypto exchange of market manipulation.
The regulator said in a statement that the trading platform misleads customers by overstating the trading volume. Besides, the exchange is accused of legalizing criminal proceeds and activities that are contrary to Ontario's security legislation.
The consideration of the regulator's complaint is scheduled for July 21. OSC emphasizes that the falsification of trade data was first recorded in the spring of 2018.
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From July to December 2018, Coinsquare processed about 840,000 suspicious transactions with 590,000 bitcoins. That is more than 90% of the total trading volume on the exchange.
The Securities Commission required that the trading platform provide it with detailed information about the real activity of traders. However, the Coinsquare administration ignored this requirement and continues to work in the jurisdiction of Ontario, the regulator emphasized.
Note that in February last year, the Coinsquare exchange began a large-scale reduction in the number of employees. The platform laid off up to 30% of its staff to keep costs down.