Saskatchewan Residents Alerted to Potential Cryptocurrency Scams by FCAA

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Saskatchewan has not been spared from the sharp increase in cryptocurrency trading frauds targeting Canadians, according to the province’s market regulator, the Financial and Consumer Affairs Authority (FCAA).

Harvey White, director of enforcement for FCAA, expressed his concern about the growing number of these scams.

“It’s kind of disheartening because they are growing so quickly,” he said.

The FCAA has issued warnings about several online entities, such as Fxeasyexchange, JPCrypto, and GSPartners, which are not registered to trade or sell in Saskatchewan.

As always, consumers are urged not to send money to companies that are not registered, as they may not be legitimate.

According to the Canadian Anti-Fraud Centre, in the first three months of this year, there were 12,094 victims and $133.7 million lost to fraud.

White mentioned that these scams are being promoted on social media.

“With economics the way that they are right now, and uncertainty sometimes in the markets, people are looking for something that they consider a secure investment. These platforms offer what sound like extremely safe and secure investments: huge returns and very little risk.”

White warned that if something seems too good to be true, then it likely is. He advised consumers to be aware of red flags, such as being asked to keep the investment secret from family or being offered time-limited offers.

He also recommended investors do their research and check if the website is registered with FCAA. Additionally, he suggested talking to a professional before investing.

Anyone who has invested with unregistered online entities can contact FCAA’s Securities Division at 306-787-5936.

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