BBB is warning about a new cryptocurrency scam targeting investors. The Nova Scotia, Canada Securities Commission sent out a press release alerting investors that SBlock-Trade and SblockTrade.Tech are not registered to trade in securities or derivatives in the province where they claim to be located.
SBlock-Trade alleges to be an online investment platform for forex and cryptocurrencies. SBlock-Trade claims to be based out of the “City of Nova Scotia” in Canada (which does not exist; Nova Scotia is a province). It also claims to have locations in both the United Kingdom and Bogota, Colombia.
According to the Commission, SBlock-Trade is soliciting investors to open trading accounts on its platform and encourages them to open Bitcoin accounts. The company alleges to have made 187 per cent on investments within 60 days and claims to offer significant returns of 30-50 per cent within the first week of investing. BBB warns investors to be suspicious of anyone who makes guarantees that an investment will perform a certain way.
It is important to recognize the red flags and exercise caution when dealing with unregistered firms. In many places, it is illegal to solicit investments without registering with the commission and complying with local securities laws.
If people have had contact with SBlock-Trade or have been approached with an investment opportunity they believe may be fraudulent, they are asked to report it to the Canadian Securities Administrators.
In Canada, to see if a company or person is registered, visit the Canadian Securities Administrators.