REGINA —
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is alerting the general public about a Bitcoin trading firm that may be undertaking fraudulent actions.
The organization, CrypTrade24, maintains around 200 percent return on investment in 20 times, and also the FCAA stated is a red flag for fraud.
“A guarantee of high investment returns with little or no risk is a key indicator of a fraudulent investment,” stated FCAA Director of Enforcement Harvey White, in a news release. “It’s important for investors to practice due diligence. You should always check to see if the person or company offering the investment is registered.”
CrypTrade24 asserts to be enrolled in the Netherlands and states it’s working in Manitoba, but the Manitoba Securities Commission has found that the firm doesn’t function in the state and isn’t enrolled in the Netherlands.
The business isn’t registered in Saskatchewan, the FCAA explained. Individuals or businesses have to be registered together with the FCAA so as to sell securities or deliveries from the state.
The Canadian Securities Administrators’ National Registration is a free tool which investors may use to examine registrations, the FCAA explained.
Here are some red flags which may imply that the investment is fraudulent:
- Guarantee of no or little danger, and higher investment returns.
- Companies aren’t enrolled with the FCAA.
- High-pressure sales strategies to invest fast.
- Secret or “insider” data with limited time offers.
- Offers from strangers.
on https://regina.ctvnews.ca/warning-in-saskatchewan-issued-about-bitcoin-trader-1.5043968
