Released on July 27, 2022
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities Cryptospair and European Exchange Pro One Ltd.
"If a company is not registered, do not deal with them," Executive Director of the Securities Division with the Financial and Consumer Affairs Authority Dean Murrison said. "The registration process has one purpose: protecting Saskatchewan investors. Ensure that your money is safe by always checking registration status before you invest."
These entities claim to offer Saskatchewan residents an opportunity to invest and trade crypto currencies, foreign exchange, contract for differences and precious metals through the online website, www.cryptospair.com.
Neither Cryptospair nor European Exchange Pro One Ltd. are registered in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
If you have invested with Cryptospair and or European Exchange Pro One Ltd., or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988 and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and that their businesses are financially stable.
Tips to protect yourself:
- Always verify that the person or company is registered to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
For more investor protection information visit: https://fcaa/gov.sk.ca/consumers-investors-pension-plan-members/investors.
Financial and Consumer Affairs Authority