Sask. financial authority warns of crypto trading platform falsely claiming it's registered in the province

CBC
·1 min read
A cryptocurrency trading platform claiming to be licensed from Saskatchewan really isn't, says the provincial Financial and Consumer Affairs Authority. (Dan Kitwood/Getty Images - image credit)
A cryptocurrency trading platform claiming to be licensed from Saskatchewan really isn't, says the provincial Financial and Consumer Affairs Authority. (Dan Kitwood/Getty Images - image credit)

Saskatchewan's Financial and Consumer Affairs Authority says an online cryptocurrency trading platform claiming to be licensed through Saskatchewan is not.

A news release published Thursday morning said Ellite Cryptominer LTD, which claims to be based out of the United Kingdom, claimed to have a Saskatchewan-based "Broker License" issued by the Financial Services Commission of Ontario.

"This information is false," the news release said.

"The Financial Services Commission of Ontario no longer exists, was never based in Saskatchewan and never had the authority to issue a license in Saskatchewan."

Any cryptocurrency trading platform that trades or sells securities or derivatives in Saskatchewan needs to be registered through the Financial and Consumer Affairs Authority, the news release said.

The news release said Ellite Cryptominer LTD was not registered with the authority in any way.

Anyone who invested with Ellite Cryptominer LTD or anyone who claimed to be acting on their behalf is asked to call the authority's securities division at 1-306-787-5936.

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