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The Saskatchewan Financial and Consumer Affairs Authority (FCAA) is warning investors to beware of an online cryptocurrency trading platform falsely claiming to be government licensed.
The authority issued the warning about Ellite Cryptominer LTD in an alert on its website Thursday.
It said the company, which claims to operate out of the United Kingdom, was falsely claiming it was issued a Broker License to trade through the Financial Services Commission of Ontario, based in Saskatchewan.
However, this is false.
“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 alert says.
Ellite Cryptominer is also marketing itself as “one of the world’s leading CryptoForex trading platforms for Bitcoin and other cryptocurrencies,” the FCAA said.
It said it was important for investors to do their due diligence before investing on any particular platform. It advised to always check the registration of the person or company selling or advising about securities or derivatives via the Canadian Securities Administrators’ National Registration Search.
It asked investors who had dealt with Ellite Cryptominer LTD, or anyone who claimed to be acting on their behalf, to contact the FCAA’s Securities Division at 306-787-5936.
In other investor news, victims of a Ponzi scheme that operated for years out of Montreal are calling for the reopening of a probe into offshore money transfers.
Investors who lost more than $500 million in the massive investment fraud say they want federal politicians to keep looking into Canadian shell companies set up in the Isle of Man — a popular tax haven used by global accounting firms — after a previous investigation was shut down.
How do you verify the investment platforms you use? Let us know in the comments!
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