A provincial regulator in Canada has issued a warning against a digital currency exchange that claims to be the fastest growing in the country. The Nova Scotia Securities Commission said CoinRise is not registered to serve Nova Scotians and is denying some users access to their funds.
According to the watchdog, CoinRise has claimed to be the fastest growing digital currency trading platform in Canada. Apart from digital currencies, it offers wealth management and investment banking services. In a December 9, 2021 Press release, the exchange said it has been in business for 15 years in the financial sphere. He also disclosed that he is engaging in private equity and venture capital services.
The Commission reported that at least one Nova Scotia resident has invested with CoinRise.
“Although this investor’s account showed substantial gains on the primary investment, the investor was only able to withdraw a minimal amount of the reported returns and further withdrawal requests were ignored,” the dog said. on guard.
When registering with CoinRise, the investor would also hand over his personal information, including his credit card, passport, and driver’s license. This exposes him to identity theft and financial loss.
This is not the first time that CoinRise has been called upon to provide financial services without being registered. On December 22, 2021, the Financial and Consumer Affairs Authority of the Southern Province of Saskatchewan warned investors against the platform.
As the Nova Scotia regulator said, at the time, CoinRise claimed to be based in Regina. However, as soon as the Saskatchewan Watchdog called him, he changed his location to Halifax, Nova Scotia.
Canadian regulators have been known to crack down on digital currency exchanges, including Poloniex, KuCoin, and ByBit. The latest to face their wrath is Binance, which the Ontario Securities Commission expelled.
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