REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entity known as Finotraze.
Finotraze claims to offer Saskatchewan residents trading opportunities including cryptocurrencies and cryptocurrency futures contracts.
This alert applies to the online entity using the website "finotraze ca" (this URL has been manually altered so as not to be interactive).
Finotraze is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. Despite this, Finotraze is falsely claiming to be registered with the FCAA. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
If you have invested with Finotraze or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
"Checking the registration status of any investment entities through aretheyregistered.ca is a vital step for Saskatchewan residents looking to invest," FCAA Securities Division Executive Director Dean Murrison said. "By checking the registration status, Saskatchewan investors can make sure that who they deal with is a legitimate business."
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are allowed to sell securities and derivatives and that their businesses are financially stable.
Tips to protect yourself:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search at aretheyregistered.ca.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
- Do not allow unknown or unverified individuals to remotely access your computer.
