Yesterday, the Nova Scotia Securities Commission published an alert to investors for CoinRise (a cryptocurrency exchange). According to the authority CoinRise (coinrise.ca), is not registered with either the commission or any other relevant authority. The company is also prohibited from trading securities and derivatives in the area.
At least one person had invested funds in CoinRise, according to the commission. Although the company claims to be the fastest-growing cryptocurrency trading platform in Canada it only processed a small percentage of investor returns. CoinRise did not respond to additional withdrawal requests.
CoinRise claims that it is located in Halifax, Nova Scotia. The Financial and Consumer Affairs Authority of Saskatchewan has flagged CoinRise’s crypto trading platform. CoinRise required investors to provide personal information, such as their driver’s licence and credit card details, during account opening.
Stephanie Atkinson is the Director of Enforcement at the Commission. She says, “In addition to verifying registrations, take the time search the internet to find the entity’s representatives.” The internet can be dangerous for investors, but it can also help to avoid financial loss. An easy online search can uncover alerts and warnings as well as complaints and reviews that will help investors make informed investments decisions.
