The Autorité des marchés financiers ( AMF) is cautioning Quebec consumers to be wary of fraudulent representations being made by a company called Cryptlogger PLC.
On its website, Cryptlogger falsely claims to be an AMF-regulated investment and crypto-asset management company.
The public should be aware that Cryptlogger is not registered with the AMF, said the regulator.
IIROC and MFDA also issue alerts
Both the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) have issued similar investor alerts informing the public that Cryptlogger is not regulated by those self-regulatory organizations, either.
The AMF is urging Quebec consumers to be cautious when thinking about investing with companies that solicit them on-line. There is limited recourse against such companies and their executives when they operate outside Canada, which is often the case.
The AMF recommends that investors find out if an individual is duly registered with the AMF. If so, the AMF suggests the consumer call the number listed in the register to confirm that the solicitation is actually from that firm or individual.
It strongly recommends that consumers never share personal information or make any payment before performing these checks.