Thursday, December 8, 2022
 

OSC Protects Investors Against 13 Illegal Crypto Companies

  • The OSC issued an alert to warn Ontario investors about 13 unregistered crypto companies.
  • The investor warnings and alerts inform about possible harmful and illegal activities.
  • OSC urged investors to always check the registration of businesses trying to sell an investment or give investment advice.

The Ontario Securities Commission (OSC) warned Ontario investors about 13 unregistered companies that are not allowed to deal with or advise about securities in Ontario. 

OSC had already sent out an alert at the beginning of August, and this is the second warning sent out to the investors this month. The investor warnings and alerts inform about possible harmful and illegal activities, and maintain a warning list of companies or individuals that may pose a risk.

The 13 companies that are not registered include Cryptos-Circus, Interactive Global, Cryptos-Seed Limited, Binexo.io, KubCoins.io, 24Trading, DGTL Trade, MEK Global Limited, Ciscorp Trade & Investments, Bitfinexfxtradeoption.com, Globals XTrade, and 24xForex.

In June, OSC successfully banned KuCoin from operating in Ontario’s capital market and fined the company to pay an administrative penalty of $1.6M. OSC claims they refuse to tolerate any non-compliance with Ontario’s securities law.

OSC stated:

The mandate of the OSC is to protect investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk.

The government urged investors to always check the registration of any person or business trying to sell an investment or give investment advice. OSC also advised investors to inform about any unregistered companies.

In addition, OSC also promises to continue to protect investors and reduce the risk in the crypto market.

  • The OSC issued an alert to warn Ontario investors about 13 unregistered crypto companies.
  • The investor warnings and alerts inform about possible harmful and illegal activities.
  • OSC urged investors to always check the registration of businesses trying to sell an investment or give investment advice.

The Ontario Securities Commission (OSC) warned Ontario investors about 13 unregistered companies that are not allowed to deal with or advise about securities in Ontario. 

OSC had already sent out an alert at the beginning of August, and this is the second warning sent out to the investors this month. The investor warnings and alerts inform about possible harmful and illegal activities, and maintain a warning list of companies or individuals that may pose a risk.

The 13 companies that are not registered include Cryptos-Circus, Interactive Global, Cryptos-Seed Limited, Binexo.io, KubCoins.io, 24Trading, DGTL Trade, MEK Global Limited, Ciscorp Trade & Investments, Bitfinexfxtradeoption.com, Globals XTrade, and 24xForex.

In June, OSC successfully banned KuCoin from operating in Ontario’s capital market and fined the company to pay an administrative penalty of $1.6M. OSC claims they refuse to tolerate any non-compliance with Ontario’s securities law.

OSC stated:

The mandate of the OSC is to protect investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk.

The government urged investors to always check the registration of any person or business trying to sell an investment or give investment advice. OSC also advised investors to inform about any unregistered companies.

In addition, OSC also promises to continue to protect investors and reduce the risk in the crypto market.

 

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