Canada’s crypto sector has seen a rise in the number of companies that falsely claim to be authorized to offer their services in the country, according to the Canadian Securities Administrators (CSA).

The authorities stated that several firms claimed to be affiliated with fictitious regulatory or dispute resolution organizations.

Fraudulent regulators backing up fraudulent crypto firms

The false claims aim to make the purported trading services appear legitimate.

One of them claimed to own a certificate that makes it “a reliable and trustable online trading platform.” However, upon closer inspection, it was determined that the certification was entirely fake.

Others have even put links on their websites, leading to fake regulatory or dispute resolution organizations.

The fake regulators have their own websites, made with a single goal: to trick the users.

Canadian authorities have posted a list of fake regulatory and dispute resolution organizations, including the following:

• Financial Commission/Finacom PLC Ltd.
• Financial Standard Commission FSC Canada
• Crypto Commission Authority/Crypto Commission Ltd.
• Blockchain Association (U.K. and Hong Kong – https://blockchainassociation.io/)
• International Financial Market Supervisory Authority
• European Financial Services and Exchange Commission
• British Investment Commission/BIC PLC Ltd.
• Crypto Conduct Authority/Crypto Frugal Ltd. (Ireland)
• International Regulatory & Brokerage E-markets
• Crypto Conduct Authority/Crypto Frugal...

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