Investor Alert for CoinRise
The Nova Scotia Securities Commission is alerting Nova Scotians that CoinRise, operating online at www.coinrise.ca, is not registered to engage in the business of trading in securities or derivatives in Nova Scotia.
CoinRise claims to be Canada’s fastest growing crypto trading platform. It also claims to offer wealth management and investment banking services, and to be located in Halifax.
At least one Nova Scotian has invested funds with CoinRise. While this investor’s account showed substantial gains on the principal investment, the investor was able to withdraw only a minimal amount of the reported returns and further withdrawal requests were ignored.
When opening the account, the investor was required to provide personal information including a driver’s licence, passport and credit card, risking financial loss and identity theft.
CoinRise has also been named in an investor alert from the Financial and Consumer Affairs Authority of Saskatchewan. At that time, CoinRise claimed to be located in Regina. After the alert in December, CoinRise altered its stated location to Halifax.
The commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in Nova Scotia. People can contact their local securities regulator to report investment scams or what they believe to be suspicious behaviour from anyone offering investment opportunities.
In addition to verifying registration, always take the time to search the internet for the entity and its representatives. The internet can be a dangerous place to shop for investments but can also be a valuable tool for avoiding financial loss. A simple online search can reveal alerts and warnings, complaints, reviews and other useful information to help investors make informed investment decisions.
Stephanie Atkinson, Director of Enforcement, Nova Scotia Securities Commission
- it is illegal to solicit investments in Nova Scotia without registering with the commission and complying with Nova Scotia securities laws, unless an exemption applies
To file a complaint or report a scam to the Nova Scotia Securities Commission: https://nssc.novascotia.ca/recognize-and-report-scam
To see if a company or person is registered, check the Canadian Securities Administrators’ National Registration Search at: https://info.securities-administrators.ca/nrsmobile/nrssearch.aspx
CoinRise investor alert issued by the Financial and Consumer Affairs Authority of Saskatchewan: https://www.saskatchewan.ca/government/news-and-media/2021/december/22/investor-alert-coinrise-ltd