FCAA Warns against Two Crypto Mining Companies

Canadian regulator the Financial and Consumer Affairs Authority (FCAA)​ is sending out a warning against two online crypto trading agencies Metrocrypto and Sunlightcyrpto, which are offering Saskatchewan residents an opportunity to invest in a crypto currency mining company through their online websites: www.metocrypto.com and www.sunlightcrypto.com.

The regulator announced on its official website that these entities are not registered in Saskatchewan. FCAA reminds individuals or companies need to be registered with the FCAA in order to trade or sell securities or derivatives in Saskatchewan.

The Canadian regulator gives several tips for investors to always check the registration of the person or company selling or advising about securities or derivatives, to know exactly what they are investing in and understand how the investment, product or service works, and get a second opinion and seek professional advice about the investment.

The two companies that Canada is not pleased with claim that they are registered with 127 other countries, but this is not true.

The companies also have no social media presence, which means less accountability. They both state they have over 40,000 members.

Their websites also include false testimonies that they conjured up themselves, which is something common among scams. In the future, any companies hoping to function should be registered before proceeding with business.