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British Columbia Securities Commission has issued yet another warning about a firm. The name of the particular firm is Coiniswap and as per the regulatory authority, it is not authorized to do so.
Due to its unauthorized offering in the British Columbian region, the regulator has decided to issue a warning for locals. The warning is for the people of British Columbia to remain cautious and very vigilant when interacting with the firm.
As the firm is unauthorized, it poses a great threat and risk to the locals and the investment community in British Columbian. The citizens in British Columbia have to remain very cautious so they don’t end up facing issues related to their personal and financial information.
Warning by the BCSC for Coiniswap
The British Columbia Securities Commission has reasons to believe that the firm going by the name Coiniswap is involved in fraudulent and scamming activities.
As per the regulator, Coiniswap has been misrepresenting itself as a regulated and a certified (authorized) entity in British Columbia. It claims that it is registered with the British Columbia Securities Commission to offer financial, trading, and investment opportunities to the locals.
The firm has been offering securities and digital asset investment services/products to the local without any authorization. Offering services in British Columbia to the citizens of the area without any authorization is illegal.
Any entity involved in performing such activities is deemed illegal and must not be dealt with. If the users interact with Coiniswap, it is as per their own discretion as the regulatory authority or the legislative authorities will not be held liable.
Coiniswap is Unauthorized
For any entity aiming to offer financial, derivatives, digital asset, or other kinds of financial services in British Columbia, it is important to acquire the required authorization.
In British Columbia, the only entity that can issue authorization for the distribution and offering of securities is the British Columbia Securities Commission. As Coiniswap is unauthorized, it is to be perceived that it has not acquired any authority from the British Columbia Securities Commission.
Therefore, the securities and other services Coiniswap is offering in the region are unauthorized. The firm is not permitted to offer such services/products at all. If it does, then it means it is highly risky for the investors to invest money into Coiniswap and even open up a trading account at the firm.
According to the BC law, any firm offering financial services to the locals is required by the law and Acts plus sections to be registered at the BCSC.
Caution for the Citizens
In the light of the events and the platform’s unethical and unauthorized offerings, the British Columbia Securities Commission has intimated the investors not to interact with Coiniswap.
The regulatory authority has urged all the locals to remain cautious and very active when dealing with Coniswap. Their initial warning for the locals is to not get involved with the financial firm at all.
If the locals end up interacting with the firm and end up losing their funds and financial/personal information, they will have no protection under the BC law.
The regulator has a reason to believe that the firm may be involved in scamming activities. Therefore, it may be collecting the personal and financial information of the BC locals. If that is the case, then they are at the risk of losing their funds and personal information to Coiniswap.
Coiniswap is claiming to offer cryptocurrency trading services to the locals of British Columbia. The firm claims that it is located in Switzerland. Although the firm is providing such services to the locals, it is neither regulated nor registered to offer such services in BC.
The website for Coiniswap is https://www.investright.org and its contact number is 604-899-6854. Another contact number that the platform has provided is 1-800-373-6393. The PO Box address that the firm has provided on the website is 10142, Pacific Centre, Vancouver, BC.