Canada’s FCCA cautions against unregistered Bitcoin Mining platforms

Canadian FCCA cautions people against unregistered bitcoin mining platforms, including Metrocrypto and Sunlightcrypto companies.

By · Nov 21, 2020 . 5min read

Canada's FCCA Bitcoin Mining platform news

The Canadian regulator is issuing a warning against unregistered bitcoin mining platforms. The regulator is primarily aiming at two platforms for being unregistered. The FCCA (Financial and Consumer Affairs Authority) is a regulator of financial bodies that operate in Saskatchewan. FCCA cautions against Bitcoin mining platforms which include Metrocrypto and Sunlightcrypto.

According to the reports, Metrocrypto and Sunlightcrypto bitcoin mining platforms are under the Canadian radar for urging people to fund in crypto, without gaining registrations. Both of the illegal companies have a similar structure on their online platforms. However, the difference between the two companies is that Sunlightcrypto comes with Gold and Diamond offers. Contrarily, Metrocrypto offers Basic, Silver, and Classic packages. However, Sunlightcrypto has a $20,000 and 30% weekly payout guarantee. Nevertheless, per to FCCA, guarantees are classified as fraud. 

FCCA claims companies promising high-level returns are fraudulent.

The FCAA states that a guarantee of high-level returns on investments without reiterating people about the possible hazards develops a fraudulent perspective. Moreover, investors set an example for people to be careful and verify if the people who are bidding for your money are registered. The two companies under Canadian radar claim that they have registration in 127 countries. However, this is false.

Moreover, Metrocrypto and Sunlightcrypto have no social media presence. Thus, indicating less accountability. They both claim to possess over 41,540 active users. Their websites also incorporate false statements. However, this is something common among scams. In this prospect, any business wishing to operate should first opt for registration and then continue with their operations. FCCA asserts that the companies have to receive approval before giving securities or derivatives in Saskatchewan.

FCCA also cautions investors about investing their capital into unregistered cryptocurrency entities. It says one should always verify the registration of the person or company notifying about securities or derivatives. One should be aware of where they are investing their capital. They should also ensure and contemplate how investment functions.

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