Nova Scotia regulator warns of ATB CRYPTO scam – Bits Media

Nova Scotia Securities Commission warns public, that the ATB Crypto cryptocurrency project operates in a Canadian province without registration, and investors have already suffered from his actions.

ATB CRYPTO positions itself as a stock trading platform, goods, indexes, foreign currencies and crypto assets. The company claims, that its headquarters are in the Marshall Islands. However, the regulator's statement states, that ATB CRYPTO has not received any licenses to trade securities and derivatives in Nova Scotia.

According to the department, one Canadian user has already lost funds after opening an account with ATB Crypto to invest in cryptocurrencies. His personal account showed significant profits, but, when the investor sent withdrawal requests, they were ignored, or the project organizers asked him to transfer additional money to cover taxes, what the user was not notified about when registering on the platform.

Nova Scotia Securities Commission Enforcement Director Stephanie Atkinson (Stephanie Atkinson) warned, that recently there has been an increase in the number of frauds, related to crypto asset trading platforms. Over the past eight weeks, the regulator has published the fourth warning about such projects.

Atkinson urged users to carefully check organizations and people, before investing your money anywhere. According to her, being an informed investor is the best protection against financial losses. She also urged local residents to exercise extreme caution when dealing with firms, not registered in Nova Scotia.

Soliciting investments without obtaining the necessary licenses violates Nova Scotia securities laws. Atkinson recommended that users contact their local securities regulator immediately., to report investment fraud or suspicious activity by any person, providing investment opportunities.

According to Chainalysis, this year the total amount of stolen cryptocurrencies was $7.7 billion. Recently the Director General of the UK Financial Conduct Authority (FCA) Nihil Rati (Nikhil Rathi) stated, that losses from cryptocurrency fraud should not be reimbursed to investors. He explained, that cryptocurrencies may be linked to crime and money laundering, therefore investors should be prepared to lose funds.