Investment Caution List: 28 New Additions

During the ongoing COVID-19 pandemic, the British Columbia Securities Commission (BCSC) and other securities regulators across Canada have issued a number of investor alerts to highlight potential frauds.

We encourage you to keep an eye on the BCSC’s Investment Caution List, which identifies unregistered activity or unqualified securities being promoted in the province.

BCSC Enforcement staff  have added 28 new entries to the Investment Caution List since our last post – 12 in April alone. Let’s take a look at the latest additions.

 

Unregistered Companies Accepting Funds from BC Residents

The BCSC became aware of 15 businesses, not registered to trade in, or advise on securities or exchange contracts in BC, that had accepted funds from BC residents for trading.

Omegafx

Omegafx claims to be based in Switzerland, and offers an online trading platform.

MyPension Ltd. dba Edu-Pension.com (Edu-Pension)

Edu-Pension claims to be based in Toronto, Ontario, and offers forex and cryptocurrency trading.

Astrofx24

Astrofx24 claims to be based in the United Kingdom, and offers cryptocurrency investments.

Coinbull

Coinbull offers an online trading platform that trades in cryptocurrencies.

Cryco.io

Cryco.io offers an online trading platform that trades in cryptocurrencies.

Sotfware and Media Ltd. dba BoxInvesting (BoxInvesting)

BoxInvesting claims to have offices around the world, including Canada, and offers an online trading platform.

Notesco Limited dba IronFX (IronFX)

IronFx claims that its business is registered in Bermuda and offers an online trading platform.

Ecoinsmining Ltd.

Ecoinsmining Ltd. claims to be based in the United Kingdom and offers cryptocurrency investments.

MegaCoinFX

MegaCoinFX offers an online trading platform and appears to be based outside of Canada.

Bitprime Ltd. dba Bitprimeprofx (Bitprimeprofx)

Bitprimeprofx purports to be based in New York and claims to offer an online trading platform.

JT Trader Financial Services Ltd. (JT Trader)

JT Trader purports to be an online trading platform with branch addresses in New York and Toronto.

MetaProTrader

MetaProTrader claims to offer an online trading platform and appears to be based outside Canada.

Halifax & Associates

Halifax & Associates claimed to be based in Denmark, and offered an online trading platform in cryptocurrencies.

Richfield Capital Limited dba Analysed Options

Analysed Options claims to be located in the state of Texas, and offers an online trading platform.

i-Coin

i-Coin claims to be based in Estonia, and offers an online cryptocurrency trading platform.

Unregistered Companies Soliciting or Targeting BC Residents

The BCSC became aware of seven businesses, not registered to trade in, or advise on, securities or exchange contracts in BC, that solicited BC residents or targeted BC residents through advertising.

Tradewell.io

Tradewell.io offers an online trading platform and appears to be based outside of Canada.

ROFX

ROFX purports to be based in the United Kingdom, the United States and Hong Kong, and claims to be a fully automated trading solution for forex.

Pegasus Global Trading Ltd. (Pegasus)

Pegasus claims to be based in London, United Kingdom, and offers an online trading platform.

TradexOption

TradexOption claims to be based in the United States, and offers an online cryptocurrency trading platform that BC residents can use to trade in cryptocurrency.

Paxful, Inc.

Paxful, Inc. claims to be based in the United States, and offers an online cryptocurrency trading platform that BC residents can use to trade in cryptocurrency.

Zen Vybe Inc.

Zen Vybe.net advertised an investment opportunity in anti-virus health, referencing “this virus going around”. A previous Zen Vybe.net ad was titled “Corona Virus Cure”. The recent advertisement directs viewers to zenvybe.net, which provides information about investing in holistic health through Zen Vybe Inc. shares.

First City Markets Ltd. (“FCM”)

FCM claims to be located in Panama City that offers an online trading platform and provides services in options trading.

 

Unregistered Companies Accepting BC Residents as Members

The BCSC became aware of one business not registered to trade in, or advise on, securities or derivatives in BC, that accepted BC residents as members.

BTCExch

BTCExch promoted an initial coin offering (ICO) of BEX Tokens and offered its members an AI Bot trading service.

 

Unregistered Companies

The BCSC became aware of five businesses not registered to trade in, or advise on, securities or exchange contracts in BC.

GlobalCoinTrade

GlobalCoinTrade claims to be based in Vancouver, BC, and offers forex trading and cryptocurrency mining investments.

Blue Sail Trading

Blue Sail Trading claims to be based in Panama, and offers an online trading platform.

FCOEX

FCOEX claims it is a forex and commodities options exchange that offers access to an online trading platform.

BCG Invest

BCG Invest purports to be based in Vancouver, BC, and claims to provide advising and investment management services.

Astor Capital Fund Limited (Astor)

Astor claims to have an office in Vancouver, BC, and offers wealth management and advisory services.

 

Stay Informed

The BCSC urges people to exercise caution when dealing with firms that are not registered to trade or advise in BC, and to exercise caution when dealing with companies that are not registered to issue shares. Investors should also be wary of companies claiming to have products or services that will prevent, detect, or cure COVID-19.

 

Report a Concern

If you suspect an individual or company is engaging in this type of activity, contact BCSC Inquiries immediately at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using BCSC’s online complaint form.

 

 

Suggested Reading

Enforcement Roundup – November 2017

Enforcement Roundup - August 2017

BC Securities Enforcement Roundup - September 2015

More Resources

Enforcement Roundup – May 2018

Read the latest from BCSC Enforcement

Enforcement Roundup – November 2019

Summary of BCSC and MFDA November enforcement actions in British Columbia.