The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has warned investors not to invest with Dubai-based USI-TECH, an unregistered online foreign exchange and cryptocurrency trading platform.
The regulator has issued a temporary cease-to-trade order against USI-TECH, which runs until February 15 and may be extended as necessary.
In a statement, the FCAA said some Saskatchewan residents claimed to have been contacted by USI-TECH, soliciting them to purchase securities and derivatives.
FCAA deputy director of enforcement Ed Rodonets said investors can easily lose a lot of money if they trade with any unregistered dealers and advisors.
“Although Forex and cryptocurrency can be legitimate products, unscrupulous individuals often use these terms to convince investors to place their money in illegal activities,” Rodonets said.
The regulator said USI-TECH is the subject of Investor Alerts issued in several Canadian provinces as well as being named in a Cease and Desist order issued by the Texas State Securities Board.
FCAA urged investors to check the registration status of any person or company selling investments by using the Canadian Securities Administrators’ National Registration Search database at www.aretheyregistered.ca.