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In Canada warned about the "illegal" scheme of crypto investment

A financial regulator in the Canadian province of New Brunswick has warned residents about investing in a so-called "cryptocurrency bank" and its associated token.

06.Mar.18 12:40 AM
By Daria Zaytseva


In Canada warned about the "illegal" scheme of crypto investment

In a statement on March 5, representatives from the Financial and Consumer Services Commission (FCSC) voiced concerns about, which, according to its website promises daily yields of deposits through the use of the "BTCB" token. The site significantly limits the days when this token can be bought or sold, stating that the first such "selling day" will not be until April 23. According to FCSC, the Bitcoin Bank's offering is illegal.

The regulator noted that since it was not registered for trading in securities or derivatives in New Brunswick or did not advise it, it was illegal for to implement these actions in the province.

In addition, the claimed address in California is counterfeit, the commission said in its investigation of the location, and that some marketing materials distributed by promoters also contain fictitious information.

It is assumed that fraud with cryptocurrencies is the last one that has developed in Canada, and in recent months a number of programs have requested investors.

Last year, Canadian police issued a warning over a bitcoin tax scam, in which scammers claiming to be part of the nation's Revenue Agency threatened approximately 40 victims of imprisonment for unpaid taxes. These victims were asked to withdraw bitcoin from a bitcoin ATM and send money to the scammers, and police calculated that the victims sent 340,000 Canadian dollars ($ 267,000).

It is unclear whether the commission will take any further action against In its message, the FCSC advised potential investors to check the information more carefully.

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