Canada's IIROC Warns Investors Against EliteSFX.com
The Investment Industry Regulatory Organization of Canada (IIROC) has issued a warning against the website EliteSFX.com.
As detailed in the official announcement, Elitesfx (www.elitesfx.com) is luring investors with promises of quick profits in cryptocurrency trading. When investors try to withdraw funds from their account, Elitesfx claims that their withdrawals are put "on hold" by IIROC and they are required to "upgrade" their accounts.
Neither Elitesfx nor Elitefx is an IIROC-regulated broker. IIROC also does not play a role in approving withdrawals from investor accounts. Any company asking for payment or to increase the amount on deposit with them before approving a withdrawal is likely fraudulent.
The regulator urges Canadian investors to exercise caution when dealing with non IIROC-regulated firms. It advises investors to confirm if investment firms are registered with IIROC by visiting IIROC's website. Investors can also check the background, qualifications, and any disciplinary history of investment advisors registered with IIROC's free AdvisorReport.
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