OSC issues warning about BitConnect

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The Ontario Securities Commission (OSC) has issued a warning to investors about BitConnect, which manages the websites bitconnect.co and bitconnectcoin.co, “where it claims to operate an online exchange platform known as the BCC Exchange.”

The sites “offer multiple investment opportunities that include ‘mining’, ‘trading’, and ‘staking’ BitConnect Coin, which is also known as BCC Coin,” says an OSC Investor Alert issued April 17. “BitConnect also claims to have raised money through an Initial Coin Offering.”

Not registered in Ontario

The regulator warns that BitConnect, the BCC Exchange, and representatives of BitConnect are not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities.

The OSC adds that regulators in other jurisdictions have recently issued warnings about and taken action against BitConnect. Ontarians who have been approached by representatives of BitConnect are advised to contact the OSC Inquiries and Contact Centre at 1-877-785-1555 or inquiries@osc.gov.on.ca.

As published in The Insurance & Investment Journal by The IIJ Staff April 17, 2018 01:30 p.m.

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