Saskatchewan investors are being warned about an online cryptocurrency trading platform called Ellite Crytominer LTD, claiming to be based out of the United Kingdom.
On behalf of the Financial and Consumer Affairs Authority (FCAA), the province made the announcement on Thursday.
Ellite Crytominer LTD, in its apparent broker licence, defines its self as “one of the world’s leading CryptoForex trading platforms for Bitcoin and other cryptocurrencies.”
It claims it received its broker licence from the Financial Services Commission of Ontario, based in Saskatchewan.
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The province said this information isn’t true.
“The Financial Services Commission of Ontario no longer exists, was never based in Saskatchewan and never had the authority to issue a license in Saskatchewan,” the province said in a release. “The FCAA has not issued Ellite Cryptominer LTD a broker license.”
The province said all cryptocurrency trading platforms that trade or securities or derivatives in Saskatchewan have to be registered with the FCAA.
Saskatchewan provided residents with tips to protect themselves from these types of trading platforms:
- Always check the registration of the person or company selling or advising about securities or derivatives. To check registration, visit the Canadian Securities Administrators’ National Registration Search.
- Know exactly what you are investing in. Make sure you understand how the investment, product or service works.
- Get a second opinion and seek professional advice before you invest.
The province says any Saskatchewan residents invested with Ellite Cryptominer LTD or anyone claiming to be acting on its behalf are asked to contact the FCAA at 306-787-5936.
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