OSC participates in North American Cryptocurrency Sweep

TORONTO – The Ontario Securities Commission (OSC), in conjunction with securities regulators from the North American Securities Administrators Association (NASAA), recently participated in an initiative to raise awareness about fraudulent and unregistered cryptocurrency-related investment schemes.

As part of “Operation Cryptosweep,” the OSC joined forces with more than 40 provincial and state regulators in North America to warn investors about schemes involving cryptocurrency-related investment products.

“Operation Cryptosweep contributes to our ongoing efforts to raise awareness about potentially fraudulent activity involving cryptocurrency products,” said Leslie Byberg, Executive Director and CAO of the OSC. “To avoid investment fraud, investors should always check that they are dealing with a registered individual or firm, and should carefully consider the risks associated with investing in this novel space.”

Investors can view warnings and alerts about cryptocurrency-related investment schemes on the OSC’s website.

Information on common signs of investment fraud, cryptocurrency basics, and Ontarians and cryptocurrencies can be found at GetSmarterAboutMoney.ca.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.  Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.

 

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