The Nova Scotia Securities Commission (NSSC) is warning investors about an unregistered crypto trading platform.
The NSSC issued an alert to investors about CoinsFM, which claims to be an online trading platform for cryptocurrencies and contracts for difference (CFDs) in crypto assets.
The alert noted that CoinsFM is not registered to trade securities or derivatives in the province.
“CoinsFM offers a broker to assist with trades and a bonus on deposits to entice investors and to give the appearance of legitimacy. Investors are required to provide specific personal and financial information when opening an account,” the NSSC said.
The NSSC reminded investors to “exercise extreme caution when dealing with unregistered firms.”
“The internet can be a dangerous place to shop for investments,” said Stephanie Atkinson, acting director of enforcement at the NSSC.
“Always take the time to check registration and understand the risks and costs associated with your investments. Never give out personal and financial information without independent verification of the legitimacy of operations. There may be long-term damaging effects to your financial well-being as a result,” she added.