- Jul 15, 2023
Canadian citizens are being advised to double-check crypto trading service providers, as the platforms may be using “fictitious” regulatory bodies to boost their credibility. According to a June 20 Investor Alert from the Canadian Securities Administrators, some “purported” crypto platforms are claiming to be approved by dubious regulatory authorities or dispute resolution organizations in “an effort to appear legitimate.” “The websites appear to be credible at first glance, with references to complaint processing, dispute resolution and providing redress to aggrieved investors,” the CSA said in a statement. “But upon closer inspection, the websites’ language can be awkward and unpolished, with errors in spelling, grammar or syntax — a common ‘red flag’ of illegitimate entities.” The CSA has labeled 10 entities as being “fictitious” regulatory bodies and organizations, including the Financial Standard Commission FSC Canada, Financial Commission/Finacom PLC Ltd., and its associated entity, Blockchain Association, among several others. In its notice, the regulator said none of the listed entities are “known,” and has also suggested any entity claiming to be a member of the organizations is “likely fraudulent.” Blockchain Association says its a mistake However, in a statement to Cointelegraph, Nikolai Isayev, the chief operating officer of the accused-Blockchain Association said they " do not agree" with the content of the notice and says they "believe the regulator made a mistake." "We have already engaged legal counsel in Canada and preparing a submission to CSA to remove this designation. We expect this issue to be resolved soon." Isayev noted that the association was created in 2018 to "unite professionals in the blockchain space" and develop best practices for using blockchain technology, including a dispute resolution for crypto traders." #bitcoincanada #bitcoinindonesia #bitcoiner #cryptolifestyle #binanceexchange #cryptocurrency_news #cryptonews #dashcoin #zcash #cryptos #bitcoinnews #cryptotrading #cardano #bitcoinsallday #cryptocoin #bitcoinasia #cryptomoedas #cryptography #sharecrypto
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