- Canada warns against Bitcoin mining platforms.
- The Canadian regulator is sending out a warning against unregistered mining platforms.
- The regulator is particularly pointing at two platforms for not being registered.
Canada warns Bitcoin mining platforms
Canada warns against Bitcoin mining platforms. The Canadian regulator is sending out a warning against unregistered mining platforms.
The regulator is particularly pointing at two platforms for not being registered.
The Financial and Consumer Affairs Authority (FCAA) is a regulator of financial bodies that run in Saskatchewan, and it has sent out a warning to the two mining bodies. Metrocrypto and Sunlightcrypto have come under the Canadian crossfires for pushing people to invest in crypto despite them not being registered.
Both of the illegal companies have similar looking online platforms. Metrocrypto comes with Basic, Silver, and Classic packages.
What differentiates the two companies is Sunlightcrypto comes with Gold and Diamond offers, too, which have a $20,000 and 30% weekly payout guarantee.
Guarantees are classed as fraud. The FCAA said that a guarantee of high-level returns on investments without reassuring people of risks would be coming from a fraudulent account.
Regarding what is happening, investors encourage people to be diligent and check if the people who are asking for your money are registered. The two companies that Canada is not pleased with claim that they are registered with 127 other countries, but this is not true.
The companies also have no social media presence, which means less accountability. They both state they have over 40,000 members.
Their websites also include false testimonies that they conjured up themselves, which is something common among scams. In the future, any companies hoping to function should be registered before proceeding with business.