The Ontario Securities Commission (OSC) on Tuesday joined other U.S and Canadian regulators in warning about an unregistered cryptocurrency firm.
The OSC is warning investors about BitConnect, which the regulator says operates an online platform, BCC Exchange, that allows both mining and trading in a cryptocurrency known as BitConnect Coin.
“BitConnect, the BCC Exchange and representatives of BitConnect are not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities,” the OSC says in its investor alert.
Other regulators in the U.S. and Canada have recently taken their own actions against this firm, the OSC says.
For example, the Texas State Securities Board issued an emergency cease and desist order against BitConnect on Jan. 4, and the New Brunswick Financial and Consumer Services Commission issued its own warning about the firm in January.