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The Financial and Consumer Affairs Authority (FCAA) is advising Saskatchewan residents to be careful where they invest their money.
In a news release this week, the authority warned investors about an online cryptocurrency scam, led by Ellite Cryptominer LTD, a company claiming to be based out of the United Kingdom.
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The company, which declared itself as one of the world’s leading CryptoForex trading platforms for Bitcoin and other forms of virtual currency, is not licensed.
Sask. financial authority warns of crypto trading platform falsely claiming it s registered in the province
Saskatchewan s Financial and Consumer Affairs Authority says an online cryptocurrency trading platform claiming to be licensed through Saskatchewan is not.
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Anyone who invested or worked with someone claiming to represent Ellite Cryptominer LTD asked to call FCAA
CBC News ·
Posted: May 13, 2021 10:32 AM CT | Last Updated: May 13
A cryptocurrency trading platform claiming to be licensed from Saskatchewan really isn t, says the provincial Financial and Consumer Affairs Authority.(Dan Kitwood/Getty Images)
James Langton
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.”