Canadian crypto exchange platform Coinsquare recently suffered data violationIt is the first exchange registered with the Investment and Industry Regulatory Organization of Canada (IIROC). A data breach compromised a user’s personal information.
Coinsquare also ceased operations in November. After days of dynamic and proactive measures by Coinsquare, cryptocurrency exchanges are slowly resuming operations.
After the security breach, the exchange sent an email to investors, with management saying its customer database had been compromised. As a result, personal information was also accessed by a third party due to the leakage.
Details accessed in compromise
The compromised database contained much of the user’s personal information, including investor names, email addresses, physical addresses, phone numbers, device IDs, public wallet addresses, dates of birth, transaction history, and even account balances. It was
The only saving grace, as Coinsquare confirmed, was that the password was not accessed.
Your assets are always safely stored in cold storage and are never at risk.
Coinsquare is confident that it has not detected malicious individuals accessing compromised information. The official notice states that users must change their passwords and enable two-factor authentication (2FA). Not only that, users should be careful and use different credentials for different platforms.
Coinsquare’s IIROC Registration
The crypto exchange is Canada’s longest-running trading platform. Coinsquare announced his IIROC-approved Coinsquare dealer registration and membership last month.
This regulatory status makes the exchange Canada’s first cryptocurrency IIROC registered investment dealer and marketplace.
Registration was to ensure the highest level of dealer compliance and oversight under the existing regulatory system.
Regulation introduced a system of complete segregation of client funds, which were then stored by licensed and insured custodians.
IIROC registration requires exchanges to regularly report their financial status to maintain debt capital.
In addition, cash held in your account is protected by the Canadian Investment Protection Fund in the event of insolvency.
Coinsquare currently has over 500,000 users, providing access to over 40 cryptocurrencies, including over 820 coin-to-coin trading pairs. The crypto exchange has facilitated approximately $5.82 billion in transactions since its launch in 2014.
Canada has a different regulatory approach than the United States. Canada requires all crypto exchanges operating in the country to register or at least apply to the IIROC.
The US is reassessing the effectiveness of its crypto regulation after the collapse of its largest exchange and crypto ecosystem last year.The most prominent names on the list include FTX, Celsius, Terra and Voyager.
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Cryptocurrency exchange Coinsquare suffers data breach. Read more here!
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