The Saskatchewan FCAA (Financial and Consumer Affairs Authority) is alerting the public about CrypTrade24, a cryptocurrency exchange claiming to be registered in the Netherlands and operating from an address in Manitoba. An investigation conducted by the Manitoba Securities Commission found that the company is not registered in the Netherlands, and does not operate from an address in Manitoba.

The CrypTrade24 website, promises a large return on your investment (ROI) within 20 days, which is a huge indicator of fraud. CrypTrade24 is currently the subject of Investor Alerts issued in several other Canadian provinces as well. The company is not registered in Saskatchewan, as individuals or companies need to be registered with the FCAA in order to sell securities or derivatives in the province.

“A guarantee of high investment returns with little or no risk is a key indicator of a fraudulent investment,” FCAA Director of Enforcement Harvey White said. “It’s important for investors to practice due diligence. You should always check to see if the person or company offering the investment is registered. The Canadian Securities Administrators’ National Registration Search (https://www.securities-administrators.ca/nrs/nrsearchprep.aspx) is a free tool that investors can use to check registrations.”

Some other fraudulent red flags aside from a fast ROI include high pressure sales tactics, "insider" information, offers from complete strangers or inconsistent details, avoiding questions and no paper trail. You can visit The Canadian Securities Administrators’ National Registration Search to check the registration of the person or company attempting to sell, as well as check disciplinary history for the person or company, to find out if they have broken regulatory rules in the past through the Canadian Securities Administrators Cease Trade Orders database.

It is important to know exactly what you are investing in, and that you understand exactly how the investment, product, and service works. If you have invested with CrypTrade24 or any investment that may be fraudulent, contact the FCAA’s Securities Division at 306-787-5936.