Crypto firms tout ‘fictitious’ regulatory stamps, Canadian regulator warns

Crypto firms tout ‘fictitious’ regulatory stamps, Canadian regulator warns



Canadians are being urged to verify the authenticity of cryptocurrency trading service providers, as these platforms might employ fictional regulatory bodies to enhance their credibility.



As stated in an Investor Alert released on June 20 by the Canadian Securities Administrators, certain crypto platforms are falsely asserting approval from regulatory authorities or dispute resolution organizations in an attempt to create the illusion of legitimacy.



“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.



One such website even said its “fictitious certification makes it ‘a reliable and trustable online trading platform,’” according to the CSA, adding:




“But upon closer inspection, the websites’


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#Canada, #Cryptonewstoday, #Ethereum, #Regulations

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