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CATEGORY: coinsquare


Nov 28, 2022 08:45

Canadian Crypto Exchange Coinsquare Confirms Data Breach

<p>Canadian <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a>, Coinsquare has become the latest victim of a security breach that resulted in compromised users' personal details, the platform confirmed last weekend by sending an email to its customers.</p><p>The exchange detailed that the <a href="https://www.financemagnates.com/tag/hack/" target="_blank">breach</a> exposed "customer names, email addresses, residential addresses, phone numbers, dates of birth, device IDs, public wallet addresses, transaction history, and account balances."</p><p>However, the crypto exchange reported some "unusual activity on our platform" on November 19 and underwent unscheduled maintenance. Then, the exchange did not detail if it was a security breach. It also restored full service on Friday ahead of sending emails to costumes about the security breach.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Earlier this morning, we detected unusual activity on our platform and out of an abundance of caution, we decided to undergo an unscheduled maintenance period while we address this issue.</p>— Coinsquare (@Coinsquare) <a href="https://twitter.com/Coinsquare/status/1594024708097179648?ref_src=twsrc%5Etfw">November 19, 2022</a></blockquote><p>Digital Assets Are Safe</p><p>The email sent to the Coinsquae users also highlighted that the security breach did not affect the passwords and held customers' digital assets.</p><p>"No passwords were exposed. We have no evidence any of this information was viewed by the bad actor," the email stated, adding: "We note that your assets have always been, and remain, secure in <a href="https://www.financemagnates.com/terms/c/cold-storage/" target="_blank" id="02d7b480-5954-4c1d-a1e2-4a509c3d07b5_1" class="terms__secondary-term">cold storage</a> and are not at risk."</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">We want to reiterate that 100% of client funds are safely held in cold storage and are not used for business activities</p>— Coinsquare (@Coinsquare) <a href="https://twitter.com/Coinsquare/status/1594125065234309120?ref_src=twsrc%5Etfw">November 20, 2022</a></blockquote><p>However, a breach of personal information can also result in more severe individual account targeting. These generally make identity theft and fraud much more accessible. A similar data breach of Australian telecom service provider <a href="https://www.financemagnates.com/forex/optus-hack-asic-warns-market-intermediaries-against-possible-fraud/" target="_blank">Optus</a> earlier this year prompted the country's financial market watchdog to warn financial brokers of the rising risks of identity theft.</p><p>The Canadian exchange further cautioned the users to change their passwords and enable two-factor authentication (2FA) to ensure safety.</p><p>Coinsquare touts itself to be "Canada's trusted platform to securely buy, sell and trade Bitcoin, Ethereum, and more" and received registration from the Investment Industry Regulatory Organization of Canada (IIROC) a month before.</p><p>The security incident with the exchange happened when the crypto industry was reeling from the effects of the <a href="https://www.financemagnates.com/tag/ftx/" target="_blank">FTX</a> collapse. The initial "unscheduled maintenance" of Coinsquare also raised speculation of possible liquidity issues. However, the confirmation of the security breach ruled out those concerns.</p><p>Earlier this month, now-collapsed cryptocurrency platform <a href="https://www.financemagnates.com/cryptocurrency/ftx-hacked-1bn-drained-from-ftx-and-ftx-us-accounts-so-far/" target="_blank">FTX was hacked</a>, resulting in the theft of at least $1 billion worth of cryptocurrencies. The exchange and its other more than 130 affiliates have now filed for bankruptcy protection in the United States.</p> This article was written by Arnab Shome at www.financemagnates.com.

Sep 24, 2022 06:55

Coinsquare Acquires CoinSmart to Float a Dominant Crypto Exchange in Canada


Coinsquare has entered into a decisive agreement with CoinSmart Financial Inc to purchase the crypto trading platform (Read More)

Sep 24, 2022 02:00

Coinsquare acquires crypto trading platform CoinSmart

The acquisition will see Coinsquare have over $350 million assets under custody. Coinsquare, currently…

The post Coinsquare acquires crypto trading platform CoinSmart appeared first on CoinJournal.

Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

Author: Cointelegraph By Zhiyuan Sun
United States
Aug 11, 2022 12:00

Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada

The past actions of bad actors has forced the country's regulators to take a tough stance on crypto exchanges.

Jul 11, 2023 05:05

Canadian WonderFi, Coinsquare, and Coinsmart Merge

Three cryptocurrency exchanges based in Canada, WonderFi, CoinSmart, and Coinsquare, have reportedly completed a merger deal. The combined entity plans to invest in SmartPay, a digital asset payments platform launched by Coinsmart in 2020.

WonderFi is a public company listed on the Toronto Stock Exchange. The company operates several brands, including Coinsquare and Coinsmart. Coinsquare is a crypto marketplace that allows users to trade and manage their financial assets, while Coinsmart provides digital asset services for institutional investors.

The new entity resulting from the business combination will reportedly focus on consolidating Bitbuy and Coinsquare, according to Binu Koshy, a spokesperson of the companies quoted by the Financial Post.

Coinsmart Payment Platform

Coinsmart launched SmartPay, a platform that allows users to pay and receive payments using cryptocurrencies, in 2020. According to the information on its website, SmartPay has transacted more than $500 million since it was created. The platform is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

According to the statement issued by the parties involved in the business combination, the entities affiliated with WonderFi have transacted more than $17 billion since 2017, have more than $600 million worth of assets under custody, and more than 1.5 million users in Canada.

Commenting on the business combination, Kevin O'Leary, WonderFi's strategic partner, said: "This is a major advantage as unregistered international exchanges can no longer serve the Canadian market without adhering to the local regulations."

"Now more than ever, investors are actively seeking trading platforms that operate in harmony with the regulators," O'Leary added.

Defying Regulatory Challenges

The business combination arrives at a time smaller crypto trading platforms are filling the gap left by the larger companies leaving Canada due to regulatory challenges. Finance Magnates reported in May that Binance was exiting Canada due to the challenging policies by the market regulator in the region.

Following the collapse of the cryptocurrency exchange FTX, the Canadian Securities Administrators issued a notice that classified stablecoins as securities. The move restricted the services of the companies issuing digital assets in the region. Additionally, the regulators issued a directive that all the cryptocurrency exchanges in the region should be registered.

This article was written by Jared Kirui at www.financemagnates.com.

Crypto Biz: Twitter’s DOGE bet, Canada’s new crypto conglomerate, UK banking news

Author: Cointelegraph By Ana Paula Pereira
United States
Apr 08, 2023 12:00

Crypto Biz: Twitter’s DOGE bet, Canada’s new crypto conglomerate, UK banking news

This week’s Crypto Biz explores Canada’s new crypto conglomerate, the recent premature passing of the Cash App creator in San Francisco, as well as DOGE news, and U.K. crypto challenges.

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