Canada’s MSC Says Cash FX Not Authorised to Target Manitobans
- The company has been targeting citizens of Manitoba via advertisement on classified websites.
According to a public warning notice from the Manitoba Securities Commission (MSC), a Canadian provincial regulator, investors have been warned not to take out any financial services with Cash FX as the online broker operates in the country without its authorization.
Cash FX offers investors several trading assets, including FX, derivatives, Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw , precious metals and other commodities and shares.
The company has been targeting citizens of Manitoba via advertisements on classified websites, but it is not allowed to, since it is not registered to trade in or advertise on, securities or exchange contracts in the province.
A senior investigator with the MSC explains that the regulator received complaints from Manitobans targeted by Cash FX, and his investigation turned up numerous red flags and inconsistencies. Additionally, the regulator stressed that investors should determine whether investments and their sellers are registered.
State Regulators See Trouble in FX, Crypto
The MSC added that investors should not be lulled into investment frauds stemming from the ongoing outbreak. While there are many variations of these tactics, the watchdog warns of the substantial potential for fraud at this time, saying that crooks often try to capitalize on high-profile news events to lure investors into financial cons.
The recent warning comes a few months after the MSC revealed that a Manitoba man has lost more than $550,000 to an offshore Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi trading scheme that involved two brands, International Derivatives Group and Valiant Markets.
The Manitoba had nothing to do but to warn others in the hopes that no one else will fall for the scam. It added that such firms are often registered to shell companies in foreign countries.
Earlier today, the North American Securities Administrators Association said FX and crypto scams are filling out the top likely investor traps.
The list was compiled from a survey of the state and provincial securities regulators in the United States, Canada and Mexico and is based on investor complaints, probes and enforcement trends.
According to a public warning notice from the Manitoba Securities Commission (MSC), a Canadian provincial regulator, investors have been warned not to take out any financial services with Cash FX as the online broker operates in the country without its authorization.
Cash FX offers investors several trading assets, including FX, derivatives, Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw , precious metals and other commodities and shares.
The company has been targeting citizens of Manitoba via advertisements on classified websites, but it is not allowed to, since it is not registered to trade in or advertise on, securities or exchange contracts in the province.
A senior investigator with the MSC explains that the regulator received complaints from Manitobans targeted by Cash FX, and his investigation turned up numerous red flags and inconsistencies. Additionally, the regulator stressed that investors should determine whether investments and their sellers are registered.
State Regulators See Trouble in FX, Crypto
The MSC added that investors should not be lulled into investment frauds stemming from the ongoing outbreak. While there are many variations of these tactics, the watchdog warns of the substantial potential for fraud at this time, saying that crooks often try to capitalize on high-profile news events to lure investors into financial cons.
The recent warning comes a few months after the MSC revealed that a Manitoba man has lost more than $550,000 to an offshore Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi trading scheme that involved two brands, International Derivatives Group and Valiant Markets.
The Manitoba had nothing to do but to warn others in the hopes that no one else will fall for the scam. It added that such firms are often registered to shell companies in foreign countries.
Earlier today, the North American Securities Administrators Association said FX and crypto scams are filling out the top likely investor traps.
The list was compiled from a survey of the state and provincial securities regulators in the United States, Canada and Mexico and is based on investor complaints, probes and enforcement trends.