Canada’s BCSC warns of Cryp Trade crypto scheme

Canada’s BCSC warns of Cryp Trade crypto scheme

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Canada’s regional financial markets and services regulator the British Columbia Securities Commission (BCSC) has issued a warning against the Cryp Trade cryptocurrency platform.

According to the BCSC, Cryp Trade Capital, which is allegedly based in Spain, is advertising its services in the province. However, as cryptocurrencies are considered securities in certain circumstances, trading in them falls within the British Columbia regulatory requirements on securities and may require registration. Cryp Trade does not have such registration and the BCSC advises to consumers to exercise caution.

Our check revealed that currently Cryp Trade’s site is down for maintenance, so we could not check the platform for ourselves. According to some review sites and forums, however, it seems that Cryp Trade is yet another multi-level-marketing scheme or a Ponzi scheme, similar to the OneCoin, USI Tech schemes, using the cryptocurrency hype. Cryp Trade seems to offer unrealistically high interest rates of 17-29% per month and affiliate programs. It allegedly is owned by one Vitaliy Ipatov, a Russian living in Spain, who has been running the company since 2014.

As a general rule, we strongly advise our readers to avoid such hyped-up get rich fast schemes, because they are usually nothing but a scam. There are legitimate and less risky, however, slower methods to make a profit, but they are usually offered by properly regulated brokers and financial services providers.

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