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Canadian regulator issues investor warning against Bitcoin-bank.io

The Financial and Consumer Services Commission of New Brunswick (FCNB) has issued a warning against a company claiming to be cryptobank.

The regulator has cautioned investors against investing in the services offered by Bitcoin-bank.io and its BTCB coin. In its investigations, the FCNB found that the company was advertising its investment opportunities on a Canadian online classified site.

The LinkedIn page of Bitcoin-bank.io states:

“BitcoinBank is a cryptobank offering payment card solutions, wallet and the opportunity to profit from a secured investment, through our BTCB coin. As the main asset, a powerful and flawless trading software, developed by our team of experienced traders and software engineers, constantly trading on financial markets and by this way offering a 0.000005BTC daily growth per BTCB.”

Digging deeper into the company, the regulator found that the advertised street-listed address in California has been wrongfully stated, the website content copied from other sites, and many of the photographs accompanying team profiles on the website had been taken from other sites with fake names attached.

“Since it is not registered to trade in, or advise on, securities or derivatives in New Brunswick, it is illegal for Bitcoin-bank.io to carry out these activities in the province,” the FCNB said in a statement.

Established in 2013, the FCNB is responsible for the administration and enforcement of provincial legislation that regulates the following sectors: securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation.

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