The New Brunswick Financial and Consumer Services Commission is warning New Brunswickers about investments being offered by BitConnect.
BitConnect claims to be a Bitcoin and crypto-community platform offering multiple investment opportunities. The Texas State Securities Board recently determined that BitConnect is acting fraudulently and banned it from selling investments in its state.
The commission recently became aware that BitConnect may also be marketing its investments to Canadians.
BitConnect is not registered to trade in, or advise on, securities or exchange contracts in New Brunswick. It is, therefore, illegal for BitConnect to trade in, or advise on, securities or exchange contracts in our province.
Bitcoin and cryptocurrency trading are receiving a lot of attention lately and are being aggressively advertised in social media and other channels. Consumers should be very cautious about investing in these products. Cryptocurrencies are volatile and highly risky.
Consumers are urged not to give into the “Fear of Missing Out” and should do their research and understand what they are getting into before investing. Anyone investing in cryptocurrencies should be aware that they could lose all of their investment.
Anybody who has been approached or targeted to invest in BitConnect is asked to contact the commission toll-free at 1-866-933-2222, or through its website at fcnb.ca. Becoming an informed investor is the best way to protect your money. Informed investors don’t leave it to chance. They understand the risks and costs involved with each of their investments.
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The Financial and Consumer Services Commission has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of Provincial legislation that regulates the following sectors: securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown Corporation funded by the regulatory fees and assessments paid by the regulated sectors. For access to our online educational tools and resources, please visit www.fcnb.ca