Canadian Securities Administrators warning of trading scam
Published February 4, 2021 at 11:18 pm
If all the recent hype related to the stock market has you interested in learning to trade yourself, you may want to do some research first.
The Canadian Securities Administrators (CSA) is warning the public about a trading scam advertised under the name of Mercury Crypto Invest, which has been offering investment opportunities through online ads posted primarily on Kijiji.
Mercury is claiming it is an “accredited trader” with the Investment Industry Regulatory Organization of Canada (IIROC) and the CSA. However, there is no such thing as a CSA-accredited trader, and Mercury is not registered to trade in, or advise on, securities or derivatives with any securities regulator in Canada.
Additionally, the online advertisements are promising a guaranteed return and a 95 per cent “win rate” through investments in binary options and cryptocurrencies. However, the CSA has enforced a ban on binary options, making it illegal to advertise, offer, sell or trade binary options shorter than 30 days since 2017.
Further, the CSA is encouraging those who might be interested in getting involved in trading to first do their research, check the company’s registration, ignore promises of ‘guaranteed returns,’ and get professional advice.