Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers Records to CTA

[sana12981]

Canada’s tax authority, the Canada Revenue Agency (CRA) has prevailed in a court battle for access to a trove of high-value customer data held by cryptocurrency exchange Coinsquare. And the CRA seems to be coming for more.

Under a federal judge’s March 19 order, Coinsquare must hand over detailed information on its Canadian customers, their crypto trading activity, and identifying information to the Canada Revenue Agency (CRA).

Coinsquare told CoinDesk that it will disclose information on an estimated 5% to 10% of its 400,000 customers to the CRA, which had originally sought to secure the lot. Court documents indicate only high-value accounts will be caught in the sweep.

The first of its kind ruling hands CRA a win just seven months after it began pursuing Coinsquare’s customer data in court. CRA argued it needed the data to check if taxpayers were meeting their crypto reporting burdens and the federal court agreed.

Today, CoinDesk also learned that the tax authority is “currently in the process of serving” Coinsquare with a further request for customer information by means of an “Unnamed Persons Requirement” (UPR). According to a spokeswoman for the CRA, the agency needs Coinsquare’s customer information to verify compliance with Canada’s Income Tax Act (ITA) and Excise Tax Act (ETA).
For More
https://www.coindesk.com/coinsquare-canada-tax-customer-records