FCNB joins two other Canadian securities regulators in issuing warnings about Cryptobravos, an entity which FCNB believes was offering an online cryptocurrency trading platform to trade and mine in cryptocurrency.
FCNB recently became aware that Cryptobravos, which claimed to have an office in Chicago, Illinois may have been marketing and selling its products to New Brunswickers in violation of New Brunswick’s securities laws.
Cryptobravos is not registered to trade or advise in securities or derivatives in New Brunswick and has not been recognized as an exchange under the province’s securities legislation.
Cryptobravos appears to have operated through the website www.cryptobravos.com. The website, which is no longer accessible, claimed to permit members of the public to access their cloud mining platform while offering high interest rates from their trading in cryptocurrency.
The British Columbia Securities Commission placed Cryptobravos on its investment caution list while the Financial and Consumer Affairs Authority of Saskatchewan issued a cease trade order against Cryptobravos along with two individuals, Sam Oakley and Richard Grant.
FCNB urges New Brunswick residents to exercise caution when dealing with cryptocurrency trading platforms that have not been registered or recognized in New Brunswick. Anybody who has been approached by Cryptobravos is asked to contact FCNB toll-free at 1-866-933-2222 or through its website at www.fcnb.ca.
Becoming an informed investor is the best way to protect your money. Generally, anyone selling securities, offering investment advice or acting as an investment fund manager in New Brunswick must be registered with FCNB while cryptocurrency trading platforms must be recognized as an exchange or registered as a dealer. Visit FCNB’s website to learn more about how checking licensing and registration is a simple first step you can take to protect yourself.