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Canadian Regulator Alerts Investors Against Crypto Firms Operating with Fake License

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One of the financial regulators in Canada is alerting the citizens that some crypto exchanges with fake regulatory body to seem legal.

Presently in Canada, reports show that there has been a massive increase in cryptocurrency companies that are withdrawing from the country.

According to previous reports from a reliable source, organizations such as dYdX, Bybit, Binance, Paxos, and OKX have withdrawn from the Canadian markets because of the nation’s present regulatory policies.

Meanwhile, only 12 cryptocurrency firms have obtained the certification to provide services to Canadian users.

These companies include Fidelity Digital Asset Services, Newton Crypto, VirgoCX, Coinberry, and Bitbuy.

In addition, 11 companies filed for pre-registration undertakings, which were mandated by the CSA such as Payward Canada, ByteX Financial, Gemini, and Coinbase Canada among such firms.

With this tight regulatory control, no wonder there are so many dummy companies claiming to offer fake registration and desperate investors ready to sign with them.

READ ALSO: Top Crypto Gainers on 19 June: SHIB, KAVA, XRP, DOT, Ecoterra, Deelance, AiDoge, And Launchpad XYZ

More Details of the News

As per an investor alert that was released yesterday June 20, certain supposed crypto companies are operating with illegal regulatory certification from a “fake” organization.

Moreover, the CSA (Canadian Securities Administration) says that “these companies claim to be part of a disagreement-resolving organization”.

The CSA further noted that these companies’ websites influence users through links to dummy contention resolution entities or regulatory bodies.

To all appearances, these websites also seem legitimate with the addresses of real locations.

But then, the Canadian Securities Administration reported that more surveillance of these websites revealed spelling or grammatical errors, and unpolished and awkward language.

Lists of the Fictitious Dispute Resolution or Regulatory Entities

According to the CSA, the fictitious dispute resolution or regulatory bodies are 10 in number.

These bodies include the International Financial Market Supervisory Authority, Crypto Commission Authority/Crypto Commission Ltd, European Financial Services and Exchange Commission, international Regulatory &Brokerage E-markets, Blockchain Association, and Financial Standard Commission FSC Canada.

This list is just to mention a few since the Canadian regulator stated that there are still more other dummy entities that can show up out of the blue.

The Canadian Securities Administration advised cryptocurrency investors to carry out in-depth research before they invest in any cryptocurrency exchange.

Especially, those crypto exchanges that claim to be regulated or are part of a dispute resolution entity.

The CSA further warns that “any individual planning to use a cryptocurrency exchange that claims to have certification or is a part of any dispute resolution body should personally confirm that the referred institution exists”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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