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Securities Regulators Issue New Crypto Fraud Alerts

The regulator cited reports of investors being directed to a crypto asset trading platform where they could convert their funds into crypto assets. From there, they are tempted to move crypto assets to a fraudulent, third-party investment website to fund the “account,” some tricked into downloading software that enables remote access to their computers. Is.

The statement also warned of growing concerns from both the CSA and the Investment Industry Regulatory Organization of Canada (IIROC) over registered firms and sites duplicating regulators.

He warned of fake emails, texts, websites and social media accounts that exploit investors’ desire to get “on the ground floor” with crypto assets and their fear of missing out. He said the bullish gains, driven by fabricated statements, are used to entice investors to deposit additional funds. And while some sites create an illusion of trust by allowing investors to withdraw part of their money, requests to withdraw all assets are never accepted.

“Ultimately, fraudsters will no longer respond to investor communication requests,” the statement said, encouraging investors to check the CSA’s Investor Alert page to avoid companies and individuals, as well as those individuals and businesses. For whom they can rely on for investment. advice.

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