Jbcapitals and Halifax & Associates are the two cryptocurrency firms that have been found to be involved in the investment scam and have been banned by the Manitoba Securities Commission (MSC) which is a provincial regulator in Canada.
The Manitoba Securities Commission had already received various complaints against these crypto firms from the people of Manitoba which are under investigation.
MSC issues a Public Warning
The Manitoba Securities Commission (MSC) reports that both of these affiliated companies Jbcapitals and Halifax & Associates which were operating in Switzerland and Denmark were targeting people through investment fraud.
These crypto firms asked their clients that they will invest in crypto markets on their behalf and promised them with a guaranteed 85% success rate. As the MSC’s Senior Investigator Jason Roy said:
“The victim in this fraud became involved with a company via a Facebook advertisement. The company, Jbcapitals claimed to invest in Bitcoin / cryptocurrency markets on behalf of their clients with an “85% success rate”, but the victim was never able to recover any of his initial investment or supposed returns.”
The Manitoba Securities Commission has now issued an official warning to the people of Manitoba asking them to stay alert about such kinds of investment frauds and also asked them to immediately report to the MSC if they get targeted by any kind of investment fraud attempt.
Relationship of Canada with the crypto industry
There is an in-depth relationship between the crypto industry and Canada. Cryptocurrency trading has deep roots here in this country. Holders in Canada always remain concerned with their crypto assets while trading here.
Therefore, Canadian regulators are closely watching out the scammers and the crypto scams happening in the country to keep the financial sector clean and scam-free. The scam of the QuadrigaCX crypto exchange was the most well-known public scam reported in the country.
After hearing about the ban of these two crypto firms, scammers must be thinking about dropping their fraudulent activities because they know if they get caught, they will have to face the music.