Saskatchewan Consumer Authority Issues Crypto Platform Warning

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Saskatchewan’s Financial and Consumer Affairs Authority has issued a warning regarding a cryptocurrency platform, which claims to be based in Regina.

The online trading platform CoinRise Ltd. is not registered to trade or sell securities or derivatives in Saskatchewan, according to the warning issued on Dec. 22.

CoinRise Ltd. did not respond to CBC News requests for comment regarding the financial consumption authority’s warning.

The website of CoinRise Ltd. says it helps people “take control of your investments and take your investing skills and abilities to the next level” through cryptocurrency trading and investing opportunities.

The company’s website said its employees had years of experience working with various partners in “all aspects of financial management.”

The company’s website listed an address on Hamilton Street in Regina, although an automatically generated response to an email requesting comment for this article listed a different address in the capital along Quance Street E.

The consumer authority has warned investors and consumers not to send money to unregistered businesses in Saskatchewan because they may not be legitimate and their money may be lost.

Anyone who has invested with, or been contacted by, anyone claiming to act on behalf of CoinRise Ltd. was asked to call the Securities Division of the Financial and Consumer Authority at 306-787-5936.

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