Canadian Regulator Warns Against Crypto Site ‘Set up in Order to Steal Money’

The Manitoba Securities Commission has warned against a cryptocurrency website it says was “set up in order to steal money,” advising investors against depositing in it.

According to a news release the regulator posted the website, CryptoTrade24, claims to offer cryptocurrency trading services and offers its users a return on investment of up to 200% within 20 days, as it claims to have “collected the best from the business of investment under a single virtual roof.”

CryptoTrade24 reportedly says on its website it’s based in Churchill, but the physical location listed on it appears to be a two-bedroom bungalow the Manitoba government uses as a residence for staff travelling to the region for work. More often than not, it’s unoccupied.

Jason Roy, a senior investigator with the Manitoba Securities Commission, warned:

A 200% ROI [return on investment] in 20 days is a major red flag for fraud. Not to mention, the address had me do a double take.

Speaking to CBC News, Roy revealed that the Manitoba Securities Commission decided to investigate the case because while in Churchill there are beautiful things to see, it’s “probably not a place where someone would set up a cryptocurrency trading site.”

The regulator’s investigation also found that the website claims the firm behind it is legally registered in the Netherlands. The Manitoba Commission refuted the claim, writing:

CrypTrade24 is not, and never has been, registered to trade in securities in Manitoba. Staff of the Dutch Authority for the Financial Markets (AFM) have confirmed the company is not registered in the Netherlands either.

The regulator warned that investors should not rely on the looks of a website to determine whether it is legitimate or not. Roy noted that he is not aware of anyone losing money through CryptoTrade24, although a warning was put out to prevent any losses.

Featured image by Markus Spiske on Unsplash

 

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