Sask. extends cease trade order over possible bitcoin scheme

The province has extended a cease trade order against a Dubai-based bitcoin marketing company until June.

Dubai-based USI Tech encouraged people to buy bitcoin packages, according to Ontario Securities Commission

Saskatchewan's financial watchdog has extended a cease-trade order against a bitcoin marketing company. (Bogdan Cristel/Reuters)

Saskatchewan has extended a cease trade order against a Dubai-based bitcoin marketing company until the summer.

A cease trade order against the company, USI Tech, has also been issued in Ontario.

The Ontario Securities Commission has accused the company of a scheme to sell people "bitcoin packages."

At least one person in Saskatchewan has been contacted about a potential sale.

USI Tech is not registered to sell securities within Saskatchewan, according to the Financial and Consumer Affairs Authority.

The order prohibits the company from trading securities or derivatives in Saskatchewan.