The Nova Scotia Securities Commission is alerting that CoinRise which claims to be Canada’s fastest-growing crypto trading platform, is not registered to engage in the business of trading in securities or derivatives in the province.
At least one Nova Scotian has invested with the company, the investor did see substantial gains on their principal investment, the investor was able to withdraw only a small amount of the reported returns and further withdrawal requests were ignored. When opening the account the investor was required to provide personal information which included a driver’s license, passport, and a credit card.
The trading platform was also named in an investor alert from the Financial and Consumer Affairs Authority of Saskatchewan during which the company claimed to be based out of Regina, before its stated location in Halifax.
The commission urges Nova Scotians to use caution when dealing with firms that aren’t registered in Nova Scotia. People can contact their local securities regulator to report investment scams or what they believe to be suspicious behaviour from anyone offering investment opportunities.
To see if a company or individual is registered you can check the Canadian Securities Administrators’ National Registration here
