Canadian financial regulator British Columbia Securities Commission (BCSC) has issued a warning regarding BitcoinBank (BTCB), operating from website bitcoin-bank.io. BitcoinBank was added to the BCSC’s Investor Caution List.
The BCSC stated that BitcoinBank claims to be a “cryptobank” which provides financial and investment services.
The BCSC recently became aware of BitcoinBank, and found its advertisement targeting Canadian residents and offering its BTCB Coins through an initial coin offering (ICO).
Cryptocurrencies are a subset of digital currencies. Cryptocurrencies are not fiat currencies. In certain circumstances, cryptocurrencies may be considered to be securities under the securities legislation in BC, and trading in or advising on them may require registration in BC.
BitcoinBank is not registered to trade in, or advise on, securities or exchange contracts in BC.
The BCSC urges BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC, or are selling unqualified securities in or from BC.