The Investment Industry Regulatory Organization of Canada (IIROC) warned Canadian investors on Thursday about crypto-trading platform Ontario Invest.
On its website, Ontario Invest “falsely claims to be an IIROC-regulated cryptoasset management and investment company and a registered representative of RBC Direct Investing Inc.,” IIROC said in a release.
Ontario Invest is not associated with the regulator, RBC or other IIROC-regulated firms, the release said.
As of Thursday midafternoon, the Ontario Invest website falsely claimed it was a trading broker regulated under Ontario-based 3i Financial Investment Services, a member of the Mutual Fund Dealers Association, and regulated by the Financial Services Regulatory Authority of Ontario.
In March 2021, the Ontario Securities Commission signalled to the crypto sector that trading platforms operating in Ontario would have to seek registration or face enforcement action. Six platforms are registered with the regulator.