REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of multiple online entities: OnyxTraders (also known as OnyxTraders Inc.), Mining City Web, and Win Protocol (also known as VIN PTY. LTD.).
"We urge Saskatchewan residents to always verify that an entity or company is registered prior to purchasing any investment product," Financial and Consumer Affairs Authority Executive Director of the Securities Division Dean Murrison said. "Registration ensures that the investment seller has been properly vetted by regulators."
- The online entity OnyxTraders claims to offer Saskatchewan residents an opportunity to invest in cryptocurrencies, forex, stocks, indices and commodities through the online website https onyx-traders net.
- The online entity Mining City Web claims to offer Saskatchewan residents an opportunity to invest in cryptocurrency through the website miningcityweb com.
- The online entities Win Protocol and VIN PTY. LTD. claim to offer Saskatchewan residents an opportunity to invest in cryptocurrencies through the website protocolwin com.
- All of the urls have been manually altered so as not to be interactive.
None of the listed entities or aliases are registered to trade or sell securities or derivatives 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 these entities 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'
- 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.
- Do not allow unknown or unverified individuals to remotely access your computer.
