Steer clear of confused crypto platform: FCAA

Regulators in Saskatchewan are warning investors about a purported crypto-trading platform that seemingly doesn’t understand how Canada’s provinces work.

Saskatchewan’s Financial and Consumer Affairs Authority (FCAA) issued a warning about online trading platform Ellite Cryptominer LTD, which claims to be based in the U.K.

According to the FCAA, the company claims to have a “broker license” issued by a Saskatchewan-based Financial Services Commission of Ontario.

“This information is false,” the FCAA said in its alert. “The Financial Services Commission of Ontario no longer exists, was never based in Saskatchewan and never had the authority to issue a license in Saskatchewan.”

The FCAA said that it has not issued the company a license either.

“Cryptocurrency trading platforms that trade or sell securities or derivatives in Saskatchewan need to be registered with the FCAA,” it said.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.