Canadian Regulator BCSC Warns Against Crypto Firm Capital Currency Trade


5 July, AtoZ Markets – Canadian financial markets regulator, the British Columbia Securities Commission (BCSC) has published an announcement for BC residents on its website. The regulator warned investors that is has become aware of a suspicious entity, namely Capital Currency Trade.

Canadian Regulator BCSC Warns Against Crypto Firm Capital Currency Trade

The Canadian regulator also notes that the company in question is claiming to be an online Forex and cryptocurrency trading platform provider. The BCSC has also stated that it became aware of this entity just recently. According to the announcement, the firm has attempted to make an unsolicited offer to a British Columbia resident to trade with it. 

The BCSC has further stated:

“Cryptocurrencies are a subset of digital currencies. Cryptocurrencies are not fiat currencies. In certain circumstances, cryptocurrencies may be considered to be securities under the securities legislation in BC, and trading in or advising on them may require registration in BC.”

Following on this, the regulator states that the company has no registration to trade in, or advise on, securities or exchange contracts in BC. The company has filed not filed a prospectus or an exempt distribution report in BC.

The BCSC has further warned BC residents to be cautious when dealing with firms that have no registration to trade or advise in the territory. The regulator also warned against firms that are selling unqualified securities in BC.

BCSC BitcoinBank Warning

Earlier this March, the regulatory body has added another entity to its Investment Caution List. One of the latest companies to make it to the BCSC’s warning list is the self-proclaimed “cryptobank” BitcoinBank (BTCB).

Following the acknowledgment of the fact that BitcoinBank has been targeting investors across Canada, the BCSC has decided to add the entity’s name in its Investment Caution List.

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