Cryptocurrency exchange Coinsquare has entered into an agreement to buy CoinSmart, another Canadian trading platform.
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Coinsquare will purchase CoinSmart's all the issued and outstanding shares for $3 million in cash in addition to 5.2 million in shares of Coinsquare, valued at over $26 million.
The deal will make Coinsquare one of Canada's largest crypto exchanges, the trading platform said in a press release. Once the deal is over, CoinSmart will hold approximately 12% ownership in Coinsquare on a pro-forma basis.
In March 2021, Coinsquare announced it would hand over the data of some users to the Canada Revenue Agency (CRA). The exchange was required to submit a detailed list of all cryptocurrency and fiat currency transfers of users that had over $20,000 CDN between December 2014 - December 2020.
In total, the exchange was ordered to provide data on 16,500 largest customer accounts by trading volume in CDN dollars between 2014 and 2020.
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