The Manitoba Securities Commission has issued a warning about Bitcoin Bank, who recently began soliciting locally via classified ad sites and social media.
The MSC says the online investment “bank” for cryptocurrency allegedly operates out of Sunnyvale, California and sells Initial Coin Offering (ICO) through a trading scheme.
“For starters, their claims on how much money you will make are dubious,” says Jason Roy, senior investigator with the MSC.
“We’ve also confirmed their purported office location in California is false, and the photos of their ‘team’ are fake — the photos have been taken from other websites and they’ve simply added fake bios.”
The website, bitcoin-bank.io, appears to look professional to the average person, but was created to dupe potential investors.
Roy suggests the easiest way for Manitobans to protect themselves only takes a moment of your time.
“March is national Fraud Prevention Month. We always tell people to check an individual or company’s registration before anything else at aretheyregistered.ca. Bitcoin Bank is not, and has never been, registered to trade securities in Manitoba. It would be illegal for them to accept your money.”
Those who believe they may have been scammed by Bitcoin Bank should call MSC’s anti-fraud line at 1-855-FRAUD-MB. More information on common investment frauds and scams can be found at recognizeinvestmentfraud.com.