Ontario Securities Commission highlights five non-registered firms that appear to be targeting province
The Ontario Securities Commission has issued a warning to investors about a host of cryptocurrency firms promising quick and high returns.
The OSC said that BTCReal, BitSerial, Hypercube Ventures LP, CabinCoin OÜ and BaapPay Inc appear to be involved in schemes that target Ontario investors, encouraging them to trade or invest in digital currencies.
However, the authority said they are “not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities”.
It added: “Any distribution to an Ontario resident requires a prospectus or exemption from the prospectus requirement, which Bitserial, Hypercube, CabinCoin and BaapPay do not have.
“Investors should consider the risks associated with investing in cryptocurrencies, and be aware that the marketing of high returns is often an indication of investment fraud.”
The OSC also provided the following details on the different companies, which read:
BTCReal manages the website btcreal.biz, where it claims to provide full investment services for cryptocurrency-related investments and forex. BTCReal claims it can provide investors with high returns in short periods of time.
BitSerial operates the website bitserial.io, which claims to offer opportunities to invest in “BTE Tokens”. BitSerial’s website also encourages investors to participate in a lending program where they can exchange Bitcoin, Litecoin, or Ethereum for BTE Tokens that are “lent out” for high returns.
Hypercube Ventures LP manages the websites hypercube.vc, hypercube.fund, vnn.money and vnn.cash, which encourage investors to buy “emission pools” for the purpose of generating “VNN cryptocurrency”.
CabinCoin OÜ operates the websites cabincoin.com and cabincoin.exchange, and is currently advertising an unregistered token sale for “CabinCoin Tokens”. CabinCoin claims that the future value of these tokens will far exceed their initial price.
BaapPay Inc. manages the website baappaytoken.com, and is also currently advertising an unregistered token sale.
Anyone who has invested in, or had dealings with the above businesses should contact the OSC Inquiries and Contact Centre at 1-877-785-1555 or [email protected]