The Ontario Securities Commission (OSC) issued a warning to investors on May 18 regarding BTCReal, BitSerial, Hypercube Ventures LP, CabinCoin OÜ, and BaapPay Inc. The OSC says these firms appear to be involved in schemes that target Ontario investors and encourage them to trade or invest in cryptocurrencies.
BTCReal, BitSerial, Hypercube Ventures LP, CabinCoin OÜ, and BaapPay Inc. are not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities, says the regulator.
“Any distribution to an Ontario resident requires a prospectus or exemption from the prospectus requirement, which Bitserial, Hypercube, CabinCoin and BaapPay do not have,” states the regulator.
The OSC underlines that investors “should consider the risks associated with investing in cryptocurrencies, and be aware that the marketing of high returns is often an indication of investment fraud.”