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).

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