The Nova Scotia Securities Commission is warning residents of the Atlantic province looking to invest in cryptocurrency about claims made by CoinRise, a crypto trading platform.
In a news release, the commission said that CoinRise is not registered “to engage in the business of trading in securities or derivatives in Nova Scotia.”
CoinRise claims on its website to be Canada's fastest growing cryptocurrency trading platform and says it offers wealth management and investment banking services.
The commission said at least one person from Nova Scotia had invested with CoinRise. It said the investor's account on the platform showed profitable gains on their principal investment, however, when the investor tried to withdraw their funds, they were able to withdraw only a small amount. Subsequent withdrawal requests were ignored.
In December, Saskatchewan's consumer affairs authority issued a warning about CoinRise, which claimed at the time to be based in Regina.
After that alert was issued, CoinRise changed its location on its website from Regina to Halifax.
Consumers have reported that messages sent to two of the email addresses listed as contacts for CoinRise bounce back and can’t be delivered. The phone number listed for CoinRise has also reportedly been disconnected.
Nova Scotians can search for a person or company's registration on the Nova Scotia Securities Commission website. Companies not registered are not authorized to operate in the province.
