Sask. residents being warned of unregistered investor claiming to offer trading opportunities

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The Saskatchewan government is warning residents of an investment company it says is not registered to trade or sell securities or derivatives in the province.

According to a news release from the province, the Financial Consumer Affairs Authority of Saskatchewan (FCAA) says the online entity known as Maple Bit claims to offer trading opportunities that include cryptocurrencies, stock, forex, exchange-traded funds, commodities and indices and contracts for difference (CFDs).

“Maple Bit is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses,” the release said.

FCAA Securities Division Executive Director Dean Murrison said people are encouraged to check the registration status of any investment entity by visiting aretheyregistered.ca before considering investing with them.

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The province says anyone who has invested with Maple Bit or if they know of anyone claiming to represent the company, they are asked to call the FCAA’s security division.

“In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives,” the province said.

The province also offered various ways people can protect themselves:

• Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search at aretheyregistered.ca.
• Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
• Get a second opinion and seek professional advice about the investment.
• Do not allow unknown or unverified individuals to remotely access your computer.