The Canadian Securities Administrators (CSA), the entity that represents all provincial/territorial regulators, says some crypto trading platforms are siting relations with bogus regulatory or dispute organizations. These trading platforms are simply trying to burnish their creditability, hoping that an unsuspecting investor may fall for the fake associations.
The CSA lists the following fake entities – noting that the Blockchain Association is not affiliated with a legitimate entity of the same name.
- Financial Standard Commission FSC Canada
- Financial Commission/Finacom PLC Ltd.
- Blockchain Association (U.K. and Hong Kong – https://blockchainassociation.io/)
- European Financial Services and Exchange Commission
- Crypto Conduct Authority/Crypto Frugal Ltd. (Ireland)
- Crypto Conduct Authority/Crypto Frugal Ltd. (U.K.)
- International Regulatory & Brokerage E-markets
- British Investment Commission/BIC PLC Ltd.
- International Financial Market Supervisory Authority
- Crypto Commission Authority/Crypto Commission Ltd.
CSA states there may be other fake entities they have yet to identify. The CSA did not indicate what types of actions they are taking to counter these false organizations.