Saskatchewan's consumer affairs authority issues warning about crypto platform

CoinRise Ltd., which claims to be based in Regina and offer cryptocurrency investing and trading opportunities, is not registered to trade or sell securities in Saskatchewan a warning from the province's consumer affairs authority said.

CoinRise Ltd. is not registered to trade or sell securities or derivatives in Saskatchewan, authority says

Saskatchewan's consumer affairs authority is warning about a company allegedly operating out of Regina it said is unregistered to trade or spell securities or derivatives in Saskatchewan. (lucadp/Shutterstock)

The Financial and Consumer Affairs Authority of Saskatchewan has issued a warning about a cryptocurrency platform, which claims to be based out of Regina.

The online trading platform CoinRise Ltd. is not registered to trade or sell securities or derivatives in Saskatchewan, according to the warning issued on Dec. 22.

CoinRise Ltd. did not respond to CBC News requests for comment about the financial consumer affairs authority warning.

CoinRise Ltd.'s website states it helps people "take control of your investments and take your investment skills and abilities to the next level" through cryptocurrency trading and investment opportunities 

The company's website said its employees had years of experience working with various partners in "all aspects of dealing with finance." 

The company's website listed an address on Hamilton Street in Regina, though an auto-generated response to an email requesting comment for this article listed a different address in the capital along Quance Street E.

The consumer affairs authority warned investors and consumers not to send money to companies not registered in Saskatchewan as they may not be legitimate and their money could be lost. 

Anyone who invested with, or was contacted by anyone claiming to act on CoinRise Ltd.'s behalf was asked to call the financial and consumer affairs authority's securities division at 306-787-5936.