Canadian regulator British Columbia Securities Commission (BCSC) has recently issued a warning against the companies Pegasus Global Trading Ltd., Paxful, Inc., Richfield Capital Limited dba Analysed Options, BTCExch and i-Coin.
Pegasus Global Trading Ltd. advertises services in British Columbia through its online trading platform. The company claims to be based in London, UK and operates through website http://www.pegasusglobaltrading.com. However, the company is not registered to trade in, or advise on, securities or derivatives in British Columbia.
Paxful, Inc. operates through a cryptocurrency trading platform and claims to be based in the United States. The company offer services through this website http://www.paxful.com. In British Columbia a cryptocurrency trading platform may be may be required to be recognized as an exchange or registered as a dealer. At this time, Paxful has not registered neither as an exchange, nor as a dealer.
Richfield Capital Limited dba Analysed Options provides services through a online trading platform and claims to be based in Texas, US. The company operates through website http://www.analysed-options.online. The BCSC has found that Analysed Options accepts fund from British Columbia citizens, however the company has not been registered or authorized to trade in, or advise on, securities or derivatives there.
BTCExch promoted an initial coin offering (ICO) of BEX Tokens and offered its members an AI Bot trading service. The company operates through website http://www.btcexch.net. BCSC has found that the company has accepted funds from British Columbia citizens. Cryptocurrencies are not fiat currencies and they may be considered as securities or derivatives under the securities legislation in British Columbia. Trading in or advising on them may require registration, which BTCExch does not have.
i-Coin claims to be based in Estonia, offers an online cryptocurrency trading platform and operates through the website http://www.i-coin.io. BCSC found that i-Coin has accepted funds from British Columbia citizens but has not registered as an exchange or a deal as the requirements mandate, hence the company is not authorized to offer trading services in British Columbia.
The regulator advices caution when dealing with trading platforms that have not been registered in the BCSC.
Read more warnings from BCSC:
