COINSQUARE FILES UNDERTAKING WHILE NEARING COMPLETION OF ITS REGULATORY PROCESS IN CANADA
Toronto, Aug. 15, 2022 (GLOBE NEWSWIRE) — Coinsquare, Canada’s leading cryptocurrency trading platform, today announced that it has entered into an undertaking with the Ontario Securities Commission (OSC) and other Canadian securities regulators, setting out how it will conduct its activities in digital assets moving forward.
The undertaking sets out Coinsquare’s operating obligations while nearing completion of its regulatory process by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA). The terms of the undertaking are substantially consistent with the operating obligations that will apply to Coinsquare upon final regulatory approval in Canada. The undertaking covers client account opening and monitoring, regulatory reporting, permitted products, and the like.
Coinsquare is among the first crypto asset trading platforms to deliver this new form of undertaking. The regulators have indicated in a press release issued today that similar undertakings will be required of other platforms pursuing securities licenses and IIROC membership. Coinsquare supports the OSC’s pre-registration undertaking approach, and believes it will provide clarity to the market on regulatory expectations regardless of the stage of a platform’s registration process. Coinsquare looks forward to the Restricted Dealer crypto platforms, and all other crypto asset trading platforms currently offering services to Canadians, achieving IIROC membership.
The undertaking will be publicly available on the OSC website.
Coinsquare has completed all of its registration and regulatory application documentation, responded to regulator comments on this material, and paid all applicable fees. Coinsquare will revoke the undertaking once it has its final regulatory approval from IIROC and the CSA. When that occurs, Coinsquare anticipates it will be the first and only approved IIROC member operating a regulated, crypto-only dealer and marketplace trading platform for digital assets.
CONTACT: Liz Ridout Coinsquare Ltd. 416-471-9858 press@coinsquare.com
