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Coinsquare, one of Canada’s biggest digital asset trading platforms, is set to acquire 12% of publicly-traded CoinSmart on a Pro-forma basis for $3 million cash and 5,222,222 common shares.



The combination of the two companies would have processed $10 billion in transactions since Jan. 2018 and collectively hold $350 million in assets under custody. This acquisition comes as Coinsquare is on the cusp of receiving approval to operate as Canada’s first crypto firm that is a part of the Investment Regulatory Organization of Canada.



“This acquisition represents a monumental and exciting milestone for both companies and brings together two industry-leading management teams,” said Coinsquare CEO Martin Piszel of the acquisition. “We are excited to work together to shape how the crypto industry in Canada grows and evolves, and together we will be able to offer our clients the most innovative and secure products backed by the highest standards of regulation in the industry.”



Coinsquare could also pay CoinSmart up to $20 million in cash if CoinSmart’s SmartPay, a product that allows businesses to send and receive crypto payments, meets specific targets. CoinSmart also stands to receive 1,100,000 Coinsquare shares if it meets over-the-counter business targets. In OTC trading, a crypto broker can buy crypto from a dealer rather than a public exchange. Coinsquare shares are currently worth $5.02.



The Canadian Securities Administrators, a body, made up of securities authorities from all Canadian provinces and territories, proposed guidelines for regulating crypto entities in 2021. However, much like in the United States, the crypto industry faces varying levels of regulation at the territorial and provincial levels.



In Aug. 2022, the Ontario Securities Commission issued warnings that 13 crypto firms, including KuCoin, were unregistered with the commission. Recently, crypto exchange Crypto.com completed a pre-registration agreement with the OSC. CoinSmart is registered with the OSC as a securities dealer and marketplace.



M&A will prepare us for next bull market: CoinSmart CEO



According to Piszel, the crypto industry is undergoing substantial change as regulators carve out a roadmap. “This has led to an ever-increasing cost structure and additional complexity in operating a viable crypto exchange,” he noted in a statement.



CoinSmart CEO Justin Hartzman believes that the merger helps to consolidate the position of both companies in preparation for the next bull market.



Following the transaction, Hartzman will join the Coinsquare executive team.



CoinSmart has enlisted Eight Capital, a wholly Canadian-owned investment dealer, as its financial adviser, and corporate finance law firm Wildeboer Dellelce LLP as its legal adviser. Origin Merchant Partners, an independent investment bank that provides advisory services for companies undergoing mergers and acquisitions (M&A), will advise Coinsquares on financial matters surrounding the acquisition. Goodmans LLP, a Canadian law firm specializing in mergers and acquisitions, will be its legal adviser.



New regulations to prevent another QuadrigaCX 



While the Canadian crypto regulation landscape is starting to take shape with licensing regimes like the one in Ontario, some onlookers may remember all too well the QuadrigaCX scandal that rocked the industry and robbed investors of $250 million that has now been turned into a Netflix documentary.



Investors cried foul when the QuadrigaCX CEO Gerald Cotten appeared to have operated a Ponzi scheme and used their money to fund his lavish lifestyle before allegedly dying while on vacation with his wife Jennifer Robertson in India, leaving no way to access user funds stored in cold storage.



While the investors were left with a bitter taste, new crypto regulatory regimes in Canada that protect investors from schemes like Cotten’s will hopefully restore confidence in the industry.



For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
The post Canada Bolsters Crypto Exchange Offering as  CoinSmart Announces Acquisition by Coinsquare appeared first on BeInCrypto.


Coinsquare, one of Canada's biggest digital asset trading platforms, is set to acquire 12% of publicly-traded CoinSmart on a Pro-forma basis for $3 million cash and 5,222,222 common shares.
The post Canada Bolsters Crypto Exchange Offering as  CoinSmart Announces Acquisition by Coinsquare appeare...

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Canada Bolsters Crypto Exchange Offering as  CoinSmart Announces Acquisition by Coinsquare

We’ll keep discussing the Tornado Cash situation because this is a watershed moment for the cryptocurrency industry. Lines are being drawn. The future of privacy for cryptocurrency-related operations is at stake. One could even say that the future of the industry as a whole is at stake. Does the cryptocurrency industry has a future without basic privacy tools like Tornado Cash? 

In any case, the more time passes the less probable it is for the US and Netherlands governments to have a genuine reason for their bizarre behavior. Why did the US sanction a smart contract and not specific people or organizations? And why did the Netherlands then arrest an alleged Tornado Cash developer? Was it just because he wrote some code that others used or did they have a legitimate reason? All of those questions are still in play. The more time passes the more it looks that both governments just jumped the gun on this one.
It’s as the Coinbase-funded lawsuit says…
The Tornado Cash Lawsuit
Six people are legally challenging the OFAC sanctions on a smart contract like Tornado Cash, and Coinbase is backing the lawsuit. In a recent blog post announcing the move, Coinbase said that they support Treasury sanctioning “bad actors” and “unlawful behavior,” but in this case:
“Treasury went much further and took the unprecedented step of sanctioning an entire technology instead of specific individuals. The problem here is twofold: (1) there are legitimate applications for this type of technology and as a result of these sanctions, many innocent users now have their funds trapped and have lost access to a critical privacy tool, and (2) we believe the Treasury exceeded its authority, given by Congress, by sanctioning a technology.”
In a recent blog post by The Bitcoin Policy Institute, a banking insider explained the legitimate uses further. Notice that in this case, the banking insider is talking about the bitcoin network, but the explanation also extends to other blockchains.
“Bitcoin users who don’t want to share their entire transaction history or net worth when transacting with a merchant can use collaborative transaction tools to bring their financial privacy up to par with their other payment methods. These tools provide a similar service to what Visa provides its users today; they shield transactional details from both the counterparty to the transaction and from external observers.”

ETH price chart for 09/24/2022 on OkCoin | Source: ETH/USD on TradingView.com
Tornado Cash Returns To GitHub
The smart contract’s GitHub repository is back, albeit in “read-only” mode. This part of the story started when the OFAC published clarifications about the Tornado Cash sanctions, and said:
“U.S. persons would not be prohibited by U.S. sanctions regulations from copying the open-source code and making it available online for others to view, as well as discussing, teaching about, or including open-source code in written publications, such as textbooks, absent additional facts.”

It looks like everything is in "read only" mode, but that is progress from an outright ban. I still encourage @github to reverse all actions and return the repositories to their former status.
— prestonvanloon.eth (@preston_vanloon) September 22, 2022

Then, Ethereum Core developer Preston Vanloon saw an opportunity and wrote GitHub directly. “Please unban Tornado Cash code repositories now,” he tweeted and then quoted the OFAC clarifications. Days later, Vanloon himself announced that the Tornado Cash repository was back. He quickly reported a caveat, though. “It looks like everything is in “read only” mode, but that is progress from an outright ban. I still encourage GithHb to reverse all actions and return the repositories to their former status.”

Progress is progress.
Chainalysis And The Hole
The fact of the matter is people still need privacy and the Tornado Cash sanctions left “a hole” in the space. Ironically, Coin Telegraph interviewed Chainalysis’ country manager for Australia and New Zealand about it. Todd Lenfield told the publication: 
“If the liquidity isn’t there, you effectively dry up a lot of [a mixers] capability. The hunting for places where there is liquidity, when it’s highly visible after things like the OFAC sanctioning of Tornado Cash, I think makes a very interesting space to keep an eye on.”
Interesting, indeed.
Featured Image by SEBASTIEN MARTY from Pixabay | Charts by TradingView



We’ll keep discussing the Tornado Cash situation because this is a watershed moment for the cryptocurrency industry. Lines are being drawn. The future of privacy for cryptocurrency-related operations is at stake. One could even say that the future of the industry as a whole is at stake. Does the ...

bitcoinist.com

Tornado Cash News: GitHub Repository Back Up, The Lawsuit, And The Hole It Left

The internet hosting and software development subsidiary of Microsoft, Github, has partially unbanned the Tornado Cash repositories following the recent sanctions enforced by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC). Github’s decision follows the U.S. Treasury updating the public, noting that U.S. persons can copy, view, and discuss the open-source code. Github’s partial reinstatement lets repository visitors look at the Tornado Cash codebase in read-only mode.
Github Reinstates Tornado Cash Repositories in Read-Only Mode
The cryptocurrency community has been discussing the internet hosting and software development platform Github after the service decided to partially reinstate the Tornado Cash open source code on the platform. On August 8, 2022, the U.S. Treasury Department’s regulatory watchdog OFAC sanctioned the ethereum mixer Tornado Cash and several ethereum addresses associated with the platform. When OFAC’s sanctions were published, third-party platforms started to take action and one open source programmer was banned from Github.
“My Github account was just suspended,” the software developer Roman Semenov said at the time. “Is writing an open source code illegal now?” Additionally, the Microsoft-owned Github removed the Tornado Cash codebase repositories, and no one could access the code via the software development platform.
On September 13, 2022, after significant criticism from the crypto community, the U.S. Treasury updated the public about U.S. persons that associate themselves with Tornado Cash. For instance, sanctions do not fully apply to U.S. persons that transacted with the ethereum mixing application prior to August 8. If this was the case, and a U.S. person still held funds on the application they can “request a specific license from OFAC to engage in transactions involving the subject virtual currency.”

OFAC Allows US Persons to View, Discuss, and Teach About Sanctioned Platforms and Open-Source Code in Written Publications
OFAC’s frequently asked questions (FAQ) update also discusses open source code tied to Tornado Cash. “U.S. persons would not be prohibited by U.S. sanctions regulations from copying the open-source code and making it available online for others to view, as well as discussing, teaching about, or including open-source code in written publications,” the Treasury’s regulatory department noted.
Following the FAQ update roughly ten days ago, the Ethereum developer Preston Van Loon reported that Github had partially reinstated the Tornado Cash codebase and unbanned codebase contributors. “Github has unbanned the Tornado Cash organization and contributors on their platform,” the developer said. “It looks like everything is in ‘read only’ mode, but that is progress from an outright ban. I still encourage Github to reverse all actions and return the repositories to their former status,” Van Loon added.
What do you think about Github partially reinstating Tornado Cash repositories? Let us know what you think about this subject in the comments section below. 



























The internet hosting and software development subsidiary of Microsoft, Github, has partially unbanned the Tornado Cash repositories following the recent sanctions enforced by the U.S. Treasury Department&#x2019;s Office of Foreign Asset Control (OFAC). Github&#x2019;s decision follows the U.S. Tr...

news.bitcoin.com

Github Partially Reinstates Tornado Cash Codebase, Open Source Code Set to Read-Only Mode

A new report suggests the Ethereum staking ecosystem could become a formidable industry impacting a wider crypto economy.

cointelegraph.com

Tornado Cash saga left a void, says Chainalysis chief scientist: Finance Redefined  

The US Office of Foreign Assets Control (OFAC) assigned popular crypto tumbler Tornado Cash as an entity on the Specially Designated Nationals (SDN) sanction list last month which triggered an outcry from privacy and free speech advocates. Subsequently, Microsoft-owned GitHub removed its source code as well as terminated the user accounts of three individuals who contributed code to the project.
In a recent turn of events, the platform unbanned the coin mixer and contributors on the platform. Notifying that the repos are, however, currently in “read-only” mode, Ethereum dev Preston Van Loon tweeted that the hosting service is yet to reverse all actions and return the repositories to their former status.
Loon believes the move is still “progress from an outright ban.”
Clarification on Interaction With Tornado Cash
Tornado Cash’s return to GitHub follows clarification guidance issued by the United States Department of the Treasury earlier this month that states merely “interacting” with итs open-source code, with certain provisions, would not violate sanctions imposed by the OFAC.
“U.S. persons would not be prohibited by U.S. sanctions regulations from copying the open-source code and making it available online for others to view, as well as discussing, teaching about, or including open-source code in written publications.
Similarly, U.S. persons would not be prohibited by U.S. sanctions regulations from visiting the Internet archives for the Tornado Cash historical website, nor would they be prohibited from visiting the Tornado Cash website if it again becomes active on the Internet.”
The interaction should not involve a prohibited transaction as per the guidance. Individuals initiating transactions using the mixer prior to sanctions being imposed on August 8th can apply for an OFAC license to execute the transaction or to make a withdrawal.
Tornado Cash’s Unofficial Archive
Apart from the partial restoration, an unofficial archive of Tornado Cash’s code was published on GitHub by Matthew Green, a cryptography professor at Johns Hopkins University, in August with the support of the Electronic Frontier Foundation (EFF). Condemning the hosting site’s earlier move, the researcher, along with his EFF colleague, Kurt Opsahl, said that if the code was disabled again, they would challenge the decision in court.
While the fate of Tornado Cash still hangs in limbo, the clampdown did manage to prompt considerable industry support. Coinbase, for one, revealed footing the bill for a lawsuit brought by six people in the country against the Department of Treasury.
The exchange, in an announcement, stated that the OFAC, instead of targeting the bad actors or the property controlled by them, imposed sanctions on an open source technology, “a tool legitimately used by many innocent people even if also by some bad actors.”
The post GitHub Reverses Tornado Cash Ban But There’s a Catch appeared first on CryptoPotato.

Bitcoin Cash price	$114.03
Low - High 24H	$112.94 - $118.32
Market cap	$2.19B
Volume 24H	$498.93M
All time high	$3,785.82 -96.99% December 20th 2017
All time low	$76.93 48.35% December 16th 2018
Genesis date	N/A

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