Ontario Security Commission Publishes A Warning Against Five Cryptocurrency Exchanges
The security commission of Canadian city Ontario recently released a warning against five unlicensed cryptocurrency exchanges. These five unlicensed cryptos took part in schemes to persuade investors to trade or invest in cryptocurrencies. After receiving complaints about them, it led to the regulator accumulating information concerning these exchanges.
This past Friday, the Ontario Securities Commission (OSC) released an Investor Alert, warning the public of five companies that appear to be involved in schemes that target Ontario investors and encourage them to trade or invest in cryptocurrencies. The OSC notes” Btcreal, Bitserial, Hypercube Ventures LP, Cabincoin OU, and Baappay Inc. are not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities.”
The CBC, a Canadian media outlet reported that the OSC began collecting information on these crypto exchanges last month after it received a lot of complaints about them. CBC also noted that to date no platform has been recognized by the OSC as an exchange or exempted from recognition. Any platform that offers cryptocurrencies that fit the definition of securities must determine whether it is a marketplace. Marketplaces are required to comply with the rules governing exchanges or alternative trading systems.
Btcreal, the first exchange noted in the Investors Alert published on Friday claims to provide full investment services for cryptocurrency related investments and forex promising investors high returns in short periods of time, the OSC elaborated. Btcreal posted on its website advertising 6 high ROI (Return On Investment) plans.
Next on the list was Bitserial that claims to offer opportunities to invest in BTE Tokens. The OSC detailed that “The company also encourages investors to participate in a leading program where they can exchange bitcoin, litecoin, or Ethereum for BTE Tokens that are lent out for high returns.”
The third firm mentioned is Hypercube Venture LP which has several websites to encourage investors to buy emission pools in order to generate VNN cryptocurrency as stated by the Commission.
Cabincoin OU comes next on the list in the Investors Alert. According to the OSC, Cabincoin OU which is currently advertising an unregistered token sale for Cabincoin Tokens, claiming that the future value f these tokens will far exceed their initial price.
Finally, the last on the list is Baappay Inc. which is a multi-layered platform that integrates both fiat and cryptocurrency payments services for merchants, that will confirm and guarantee all payments in seconds, it wrote on its website. The Commission notes that this firm is also currently advertising an unregistered token sale.
