By Hassan Mehmood (Saudi Arabia)
The crypto market is a diverse space that provides its investors with tons of opportunities to explore in real-time and put their money down for a decent return on their investment. But apart from all that, there are illegal aspects to the crypto market as well; certain projects, businesses, and firms are in it for themselves and to loot people, and these do not represent the true essence of the crypto market.
Canadian securities commission has issued warnings regarding the unregistered crypto firms; these are 13 in total, which means that either all of them or a few of them might be fraudulent or engaged in such activities.
Red Flag for Unregistered Crypto Businesses
Ontario Securities Commission has not yet labeled all of these red, but still, there is a hype going on that these might be fraudulent because neither one of these businesses has registered themselves with the commission. Caution has been advised to the investors that they should approach these businesses at their own risk and that a warning has already been issued by the concerned regulatory bodies.
The basic purpose of the OSC is to educate people about the illegal and fraudulent activities taking place within the securities division so that people can better protect themselves from such disputed activities and can make informed decisions.
Earlier, the firm reported KuCoin, which is an unregistered securities firm that was unregistered and had no apparent permission to engage with investors or businesses in any given capacity. Now another list, including 13 different crypto firms, has been launched, and almost all of these are not registered with the OSC, which means that they don’t have the license that is required to deal in securities on the Canadian market.
Many of these firms are subsidiaries of the KuCoin, which is a huge red flag that kind of corroborates the action of the OSC banning or calling bull on the KuCoin crypto firm on the grounds that despite calling themselves legal businesses, they are not registered with the securities at all. As the crypto market is fully decentralized, it means that it is not backed by any state or government, and if investors lose their money, then this is it for them, and that is why they should approach these businesses with caution.
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