Cryptocurrency regulation in Canada: The public warned of Unregistered “cryptobank”


  • The company claiming to offer “cryptobanking” is fake with no registration.
  • FCNB started investigations on the company after it started advertising on a classified site.

An unregistered website is claiming to be a “cryptobank.” The Financial and Consumer Services Commission (FCNB) began its investigations after the website started running ads on a Canadian online classified website. The regulator then moved swiftly to issue warnings to the investors of the scam website.

The FCNB found that the company was not registered not registered to trade in Brunswick. Besides, the company is claiming to offer advice on securities and derivatives; however, it is not registered to offer any of these services. The company website shows that it is the best option for “cryptobanking.” For example, it offers the best card payment services as well as crypto wallet solutions. In addition to that, the website is promoting its Initial Coin Offering (ICO).

Consequently, the regulator revealed that the company is not registered with the address listed from California. The employees for this company are not real and are listed with fake names while their photographs and content have been lifted from other websites online. The regulator in Canada is moving quickly with cryptocurrency regulations. It is only last month when the regulator approved Canada’s first blockchain-base exchange-traded fund (EFT).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD sinks beneath 50-day SMA, is recovery to $10k a pipe dream?

Bitcoin price recovery above $10,000 is gradually becoming a mirage following continued losses that have eyed $9,000 since the beginning of the week.

More Bitcoin News

Crypto Today: Bottomless 'pit' swallows Bitcoin and altcoins

Rampage has been the order of the day for three days in a row across the cryptocurrency market. Major digital assets such as Bitcoin, Ripple, and Ethereum have suffered greatly at the hand of the bears. 

More Cryptocurrencies News

Ethereum Price Analysis: Is $230 ETH/USD’s last shot at a bullish reversal?

The bloodshed in the cryptocurrency market has started to send jitters among investors and crypto enthusiasts. The losses across the board remain vaguely unexplained especially with the Coronavirus fast ...

More Ethereum News

Litecoin Price Analysis: Wave theory projects price to move lower still

Cryptocurrencies continue to fall on Wednesday adding to a heaving start to the week already. Litecoin is one of the worst-hit currently around 11.5% lower at the time of writing. 

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP