NSSC warns against cryptobank Bitcoin Bank/Bitcoin-bank.io

fma warns against unregulated company

The Nova Scotia Securities Commission (NSSC) has made an announcement today, alerting Nova Scotians that Bitcoin Bank/Bitcoin-bank.io is not registered to sell securities in Nova Scotia.

Bitcoin Bank claims to be a cryptobank that provides financial and investment services. It is soliciting investments in its BTCB coin that it claims to trade on crypto, Forex, commodity, and stock indices markets. Bitcoin Bank is targeting investors through online advertisements, local advertising platforms, social media, and its website (http://bitcoinbank.io).

Similar warnings regarding Bitcoin Bank have been issued in Manitoba, and New Brunswick.

Always take time to check registration and understand the risks and costs involved with your investments,” said Stephanie Atkinson, senior enforcement counsel with the Commission. “Becoming an informed investor is the best way to protect your money,”

The Commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in Nova Scotia. It is illegal to solicit investments in the province without registering with the Commission and complying with Nova Scotia securities laws.

If you have been contacted by Bitcoin Bank, please contact the Commission. You can always contact the Commission to report any scams, or what you believe to be suspicious behavior from anyone offering investment opportunities.

The Nova Scotia Securities Commission is the provincial government agency responsible for regulating the investment industry in the province.

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