Canadian securities regulators warn public about trading scam using fake accreditation

The Canadian Securities Administrators (CSA), the council of the securities regulators of Canada's provinces and territories, has issued a warning against a trading scam advertised under the name of Mercury Crypto Invest (Mercury). Mercury posted a series of online advertisements, primarily on Kijiji, providing people across Canada with an investment opportunity.

Mercury claimed itself as an "accredited trader" with the Investment Industry Regulatory Organization of Canada (IIROC) and the CSA. However, there is no such thing as a CSA-accredited trader and Mercury is not registered to trade in, or advise on, securities or derivatives with any securities regulator in Canada.

The online advertisements promised a guaranteed return and a 95 per cent "win rate" through investments in binary options and cryptocurrencies. In 2017, the CSA announced a ban on binary options, making it illegal to advertise, offer, sell or otherwise trade binary options shorter than 30 days with any individual.  

Members of the CSA's Enforcement Committee collaborated, through its Investment Fraud Task Force, to identify the scam and quickly take steps to reduce the risk to Canadian investors. The Task Force worked with Kijiji to have the online advertisements removed. This alert is being issued due to the concern that the same advertisements, or variations on them, may reappear on Kijiji or other online platforms.