The Financial and Consumer Services Commission (FCNB) is warning investors of five businesses that claim to be online crypto-asset trading platforms and may be selling their products and services to New Brunswickers.
Bitfargo, Celox Live, Trading Vision Group, FundsProMax and True North Bit are businesses that are not registered with FCNB. Individuals and firms in the business of advising or trading in securities or derivatives in New Brunswick must be registered with FCNB. Learn about how registration protects investors and use the National Registration Search tool to check if an individual or firm is registered with FCNB.
New Brunswickers are urged to exercise caution when dealing with online trading platforms that are not registered with FCNB.
- Online investments involving trading in cryptocurrencies by unregistered entities present a significant risk. You could potentially lose your entire investment, and you may have little recourse if there is a problem with your account. There is no guarantee that the crypto-asset trading platform will have enough cash or crypto-assets available when you want to make a withdrawal and may refuse to redeem your investment proceeds.
- If you are uncertain or have questions about an investment opportunity, seek professional advice.
- For more information on how to become better informed about investment products and services, visit FCNB.
FCNB has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca
Source: FCNB
