FxWirePro: Quick Run Through On G10 Central Bank’s Negative Rate, Spot/Rates Differential Correlation
FxWirePro: Bearish/Bullish Driving Forces of EUR/USD, OTC Indications And Options Strategy Ahead of Eurozone PMIs
Cryptocurrency Derivatives Series: Uphold BTC Long Hedges As Bitcoin On Verge Of 7th Consecutive Weeks Rallies Breakout Stiff Resistance
Blockchain Revolution Series: IBM Unveils New Blockchain Platform To Assist Emergency Inventories For Covid-19 Care
Digital Currency Revolution Series: Goldman Sachs Exhibits Reluctance In Bitcoin For Asset Portfolio
Digital Currency Revolution Series: Bakkt Warehouse To Offer Mammoth Insurance Coverage Amid Growing Institutional Interest
Digital Currency/Stablecoin/Tokenization Series: Publish And TokenPost Debuts Media Industry’s Stablecoin (NKRW)
Digital Currency/Stablecoin/Tokenization Series: Facebook’s Libra Gets Support From Singapore-Based Investors’ Consortium
FxWirePro: Bullish/Bearish Driving Forces, OTC Indications Of Bullion Market – Options Strategy To Trade & Hedge
Regulatory Series on Cryptocurrencies: Saga of QuadrigaCX Continues As Canadian Revenue Agency Gears up For Tax-Audits
Ever since the sudden demise of Gerald Cotten, the CEO of QuadrigaCX, it was a big shocker for many QuadrigaCX’s investors. Since he mysteriously died in the last December 2018, during the travel to India, the saga has begun for the company, approximately about 250 million Canadian dollar owing to their clients went disappeared or could not be traceable as Mr. Cotten was only the authorized person to access the off-line cold wallets.
Moreover, he happened to have set up the fake crypto exchange accounts with clients funds.
While FBI and Royal Canadian Mounted cops have taken up the case to probe the matter of missing 250 million Canadian dollars.
Nevertheless, the risk events escalated swiftly to the bankruptcy trustee EY (Ernst & Young), who runs the exchange’s insolvency trials.
For now, the Canadian Tax Authority, CRA (Canadian Revenue Agency) has initiated an audit for the tax returns on the already doomed crypto exchange. Court has appointed the bankruptcy trustee Ernst & Young for this case.
While the CRA (Canada Revenue Agency) and the federal & provincial governmental authorities have been probing the crypto-business operations in Canada pertaining to QuadragaCX and generate tax incentives.
EY revealed that the CRA needs the information about QuadrigaCX, stating: “the Trustee intends to discuss the request for information with CRA Audit and their counsel and will return to Court for further direction, if necessary.”