Crypto firms tout ‘fictitious’ regulatory stamps, Canadian regulator warns

” Cointelegraph found a list of crypto companies that are touted as members of the “Blockchain Association” on its site– the entity is one of the dispute resolution companies the CSA accused of being illegitimate.A purported list of Blockchain Association members with links to their websites. Source: Gallant Exchange” Anyone considering using a crypto firm that claims to be licensed or a member of a disagreement resolution organization need to try to separately validate that the referenced company really exists,” stated the CSA in a statement.Related: Binance calls it stops in Canada, blames new rulesThe regulator also encouraged that citizens considering investing in crypto needs to check the companies against those signed up with the CSA. The regulators declaration does not resolve this, it must be noted that the crypto companies themselves may be victims of the “phony” accreditations, and the listing of accreditation does not always imply a platform is “fraudulent.

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Canadian residents are being recommended to double-check crypto trading provider, as the platforms might be using “fictitious” regulatory bodies to improve their credibility.According to a June 20 Investor Alert from the Canadian Securities Administrators, some “supposed” crypto platforms are declaring to be approved by specific regulatory authorities or dispute resolution organizations in “an effort to appear legitimate.”” The websites appear to be reputable initially glimpse, with referrals to grievance processing, dispute resolution and providing redress to aggrieved financiers,” the CSA stated in a statement. Investor Alert: Some crypto websites utilize fake regulatory and dispute resolution organizations to appear legitimatehttps:// t.co/ Ptqx3RHjfg pic.twitter.com/2QIpwnJdcB— CSA_News (@CSA_News) June 20, 2023