In the latest blow to the embattled Canadian cryptocurrency exchange Coinsquare, reports are accusing the platform’s top executive of orchestrating a wash-trading scheme in clear violation of securities law.
Wash-trading refers to an exchange artificially inflating its trade volume through executing larger zero-fee market trades into their own orders, creating the appearance of large trading activity without any assets changing hands. The practice is illegal in traditional asset markets due to its propensity for price manipulation.
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