The Investment Industry Regulatory Organization of Canada (IIROC) is warning Canadian investors against Celox.live, which falsely claims to be an IIROC-regulated online trading broker.
Celox.live is using IIROC's and its legitimate dealer members' information on forms and contracts to entice investors, however it is an offshore, unregulated entity, says the regulator.
IIROC adds that “investors must be informed and ask themselves important questions before purchasing higher-risk investment products that do not trade on stock exchanges. Investors should know that crypto-asset trading platforms are not the same as regulated marketplaces and may be missing key investor protections.”
The regulator urges Canadian investors to exercise caution when dealing with non-IIROC-regulated firms. Investors can verify an investment firm's registration on IIROC’s website.