Business

Ontario regulator warns about 5 unregistered cryptocurrency groups

The Ontario Securities Commission is warning the public that several groups are promoting investments in cryptocurrencies without having the necessary provincial registrations.
Ontario's securities watchdog has issued a public warning, saying Bitserial, Hypercube, CabinCoin and BaapPay have not provided a prospectus, as required, or received an exemption. It says none of the four, or a fifth entity called BTCReal, is registered to solicit investments or provide advice on investing in, buying or selling securities. (CBC)

The Ontario Securities Commission is warning the public that several groups are promoting investments in cryptocurrencies without having the necessary provincial registrations.

The OSC says Bitserial, Hypercube, CabinCoin and BaapPay have not provided a prospectus, as required, or received an exemption.

It says none of the four, or a fifth entity called BTCReal, is registered to solicit investments or provide advice on investing in, buying or selling securities.

The provincial regulator is asking people who have had dealings with the businesses to contact the OSC at 1-877-785-1555 or inquiries@osc.gov.on.ca.

The OSC said on April 6 that it was gathering information on several cryptocurrency trading platforms after it received a number of complaints.

It also issued an April 17 warning about BitConnect, which the OSC said wasn't registered in the province to solicit investments or provide advice about buying or selling securities.