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Canadian Regulator Warns Investors of Five Cryptocurrency Firms

The Ontario Securities Commission has issued a warning against five unlicensed crypto corporations concerned in schemes to inspire investors to alternate or invest in cryptocurrencies. The regulator started gathering data about these platforms after receiving complaints about them.

Warning to Investors

The Ontario Securities Commission (OSC) posted an Investor Alert on Friday, warning the public of five corporations that “appear to be concerned in schemes that goal Ontario traders and motivate them to trade or make investments in cryptocurrencies,” stating: Btcreal, Bitserial, Hypercube Ventures LP, Cabincoin OÜ, and Baappay Inc. are not registered in Ontario to solicit investments or furnish recommendation on investing in, buying or promoting securities.

The Commission began gathering facts on numerous crypto buying and selling structures remaining month after it acquired a variety of complaints about them, CBC reported, including that to date no platform has been diagnosed with the aid of the OSC as an trade or exempted from recognition. Any platform that gives cryptocurrencies that in shape the definition of securities “must decide whether or not it is a marketplace. Marketplaces are required to comply with the guidelines governing exchanges or alternative trading systems,” the news outlet elaborated.

Last month, the OSC issued an Investor Alert on Bitconnect, Bitconnect Coin and the BCC Exchange. “Bitconnect, the BCC Exchange and representatives of Bitconnect are no longer registered in Ontario to solicit investments or provide recommendation on investing in, buying or promoting securities,” the regulator wrote.


The Five Unregistered Firms

The first association mentioned in Friday’s warning is Btcreal. This employer “claims to provide full investment services for cryptocurrency-related investments and forex,” promising investors “high returns in short intervals of time,” the OSC described. The company’s internet site advertises “6 excessive ROI [Return On Investment] plans.”

The next agency is Bitserial which “claims to offer possibilities to make investments in BTE Tokens.” The company additionally “encourages traders to take part in a lending software where they can exchange bitcoin, litecoin, or ethereum for BTE Tokens that are ‘lent out’ for high returns,” the Commission detailed.

The 1/3 enterprise is Hypercube Ventures LP which manages more than one websites to motivate buyers to purchase “emission pools” in order to generate “VNN cryptocurrency,” according to the Commission.

The fourth is Cabincoin OÜ which “is presently advertising an unregistered token sale for Cabincoin Tokens,” claiming that “the future cost of these tokens will a long way exceed their preliminary price,” the OSC wrote.

The last on the listing is Baappay Inc. which “is a multi-layered platform that integrates each fiat and cryptocurrency charge services for merchants, that will verify and guarantee all repayments in seconds,” its website describes. The OSC says this corporation “is also currently advertising an unregistered token sale.”

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