Released on January 26, 2018
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a Temporary Cease Trade Order against USI-TECH Limited, a non-registered platform that allows users to trade Bitcoin and Forex.
The order which has been extended to February 15, 2018, may be further extended as necessary.
“Investors can lose a lot of money if they trade with unregistered dealers and advisors,” FCAA Deputy Director of Enforcement Ed Rodonets said. “Although Forex and cryptocurrency can be legitimate products, unscrupulous individuals often use these terms to convince investors to place their money in illegal activities.”
USI-TECH uses the website www.usitech-int.com, and they claim to be located in Dubai, UAE. The website provides a securities or derivatives trading platform to the public as well as facilitates securities or derivative trading by website users. Residents of Saskatchewan have been contacted by USI-TECH Limited and have participated in conference calls in which USI-TECH Limited solicited individuals to purchase securities or derivatives.
USI-TECH is not registered to trade in securities in Saskatchewan.
People or companies need to be registered in order to sell securities or derivatives in Saskatchewan. USI-TECH Limited is currently the subject of Investor Alerts issued in several Canadian provinces as well as being named in a Cease and Desist order issued by the Texas State Securities Board.
Investors can check the registration status of any person or company selling investments by using the Canadian Securities Administrators’ National Registration Search database at www.aretheyregistered.ca.
Anyone contacted by USI-TECH or any of their representatives should contact the FCAA Securities Division at 306-787-5936.
For more information, contact:
Financial and Consumer Affairs Authority