Wash trades are a form of market manipulation that can have the effect of creating artificial volume. The buyer and seller are the same and the trade is not done with the intention of taking a position in the market.
“Coinsquare engaged in market manipulation through the reporting of inflated trading volumes,” OSC staff said in the statement of allegations Friday. The regulator also accused the company of misleading clients about trading volumes and says chief executive Cole Diamond and president Virgile Rostand “took a reprisal against at internal whistleblower.”Article content continued
OSC staff allege Coinsquare inflated the trading volumes on its platform through reporting “wash” trades representing over 90 per cent of its reported trading volume between July 2018 and December 2019. In June, online publication Vice reported it had leaked correspondence that showed the involvement of the company’s chief executive Cole Diamond in wash trades at the exchange.
In addition to Cole and Rostand, the OSC statement of allegations also names Felix Mazer, Coinsquare’s chief compliance officer.
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