Coinsquare’s CEO Cole Diamond and President Virgile Rostand will step down and pay a $1.6 million fine as part of an agreement with Canadian regulator the Ontario Securities Commission (OSC).
According to an announcement from the OSC following a July 21 hearing, Diamond and Rostand have agreed to resign from their positions at the cryptocurrency exchange and will pay around $750,000 and $670,000 in penalties, respectively. Coinsquare and the disgraced duo will also shoulder $223,000 in costs for the investigation.