The Ontario Securities Commission (OSC) has issued a public warning about five unregistered cryptocurrency businesses that the regulator says are operating in the province illegally.
According to the OSC, the five companies are promoting investments in cryptocurrencies without having the necessary provincial registrations. The regulator says Bitserial, Hypercube, CabinCoin, BTCReal and BaapPay have not provided a prospectus, as required, or received an exemption from the OSC. It says none of these companies 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. The OSC said on April 6 that it was gathering information on several cryptocurrency trading platforms after it received a number of complaints about them. The regulator 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.
