A court battle has been won against Coinsquare, by the Canadian Tax authority, Canada Revenue Agency to gain access into a trove of high-value customer’s data.
The crypto trading activities, exhaustive information on its Canadian customers and other identifying information are to be handed over to the Canadian Revenue Agency, pursuant to the order of Federal Judge. Information that is estimated at 5% to 10 % of its four thousand parties will be handed over to Agency.
The Canadian started an action against Coinsquare seven days over the data of its customers and of which the ruling came handy and the agency posited that they filed the action to check if the taxpayers were up to date with their cryptocurrency obligation report.
The Canadian Revenue Agency through an unnamed person requirement (UPR) is intending to serve Coinsquare for further information of its customers. The aforementioned information is pertinent, to identify if there is compliance with Excise Tax Act and Income Tax Act.