Instacoin Replies to La Presse

MONTREAL, Feb. 23, 2022 /CNW Telbec/ – The following statement is from Michael Lo Verso, President of Instacoin:

An article published February 22, 2022 (La Presse – Guichets de cryptomonnaie: Le propriétaire d’Instacoin en lien avec un chef mafieux), makes false and malicious allegations about Instacoin. Contrary to statements and insinuations in this article, Instacoin has no ties whatever to the “mafia” or organized crime.

Instacoin has been a leader in developing and serving markets for micro and small cryptocurrency transactions since it was founded in 2015. It is the first bitcoin teller machine operator to have received a licence from Quebec’s Autorité des marchés financiers. It is a registered dealer in virtual currencies with Canada’s Financial Transactions Reports and Reports Analysis Centre. Instacoin’s operations and ownership have been audited and reviewed by public and private accounting, tax and compliance specialists. Instacoin has co-operated and works closely to support law enforcement authorities in the markets where it operates.

Instacoin has never engaged in illegal money laundering and maintains a strict anti-money laundering and counter terrorist financing program.  

The allegations and insinuations made about Instacoin are mostly about Simon Santamaria, Instacoin’s founding shareholder. Mr. Santamaria’s active involvement in Instacoin ended nearly four years ago and his role has never involved control of financial transactions on Instacoin’s network. Mr. Santamaria’s contribution to Instacoin was to spearhead and manage the build-out of its network of bitcoin ATM’s across Canada. This is long and arduous work, involving meetings, visits and follow-up with countless retailers in communities across the country. The affable Mr. Santamaria excelled in this role. Instacoin’s network has been operated using technology and services licensed from Chainlogic Software Inc., an independent technology developer and SaaS provider. After Instacoin’s network was established, his role diminished and management has been carried out by a professional team under the direction of me.

Instacoin has no knowledge of Mr. Santamaria’s involvement in other businesses. In order to verify allegations made about Mr. Santamaria and take any action required to ensure the integrity of Instacoin’s operations, the following steps will be taken, effective immediately:

  1. Mr. Santamaria has resigned as a director of Instacoin;
  2. Instacoin will establish a verification and oversight committee, including independent advisers, to review and report on findings related to Mr. Santamaria and make recommendations on any actions required by Instacoin;
  3. All voting power attached to shares owned by Mr. Santamaria will be transferred into trust and held under proxy pending the outcome of the independent committee’s review.  


SOURCE Instacoin ATM Quebec Inc

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