January 24, 2022

Judge Orders Canadian Crypto Exchange to Give Customer Data to CRA?



A Canadian judge has authorized a Unnamed Persons Requirement by the CRA, forcing the crypto exchange Coinsquare to give up identity and transaction information about thousands of its customers to the CRA. The information that Coinsquare must provide about these transactions is virtually everything, including date and time, price, fees, wallet addresses, bank accounts, as well as the know your customer/client documentation.
While this agreement between Coinsquare and the Canada Revenue Agency was mainly targetting big value or higher frequency crypto accounts, it is a sign of what is to come for more crypto exchanges, as the CRA gets more serious about investigating and enforcing the taxation of cryptocurrency in Canada.

Timestamps:
How did the CRA force Coinsquare to give up customer data? [0:24]
Which customers are affected and how? [1:55]
What and who is the CRA likely after? [4:13]
Why data all the way back to 2013/2014? [5:11]
This is only the first of many. [6:18]
CRA getting aggregate data about crypto investors. [7:43]
CRA is following in footsteps of IRS (the U.S.). [9:37]

Inquiries: friendlylawyerman@gmail.com

DISCLAIMER:
This video contains legal information ONLY. The information is not advice and should not be treated as legal advice on any subject matter. If you require legal advice, contact and retain a lawyer in your jurisdiction. Any claims or applications of the information about tax law or otherwise discussed in this video are not intended to be statements of fact. All applications of legal information herein are hypothetical for the purpose of education.

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cryptocurrency trading