CANADIAN finance regulators have warned locals about the dangers of investing in a so-called “cryptocurrency bank” and its associated token after the website was deemed to be illegal.

PUBLISHED: 04:32, Tue, Mar 6, 2018 | UPDATED: 04:51, Tue, Mar 6, 2018
Representatives from the Financial and Consumer Services Commission (FCSC) released a statement to warn people about, which promises a daily return on deposits through the use of a “BTCB” token, yesterday.

“SCAM”  BitCoin promises daily return on deposits through the use of BTCB token.

The site of the self-labelled “flawless trading software” notably restricts the days on which the token in question can be bought or sold.

They have stated the first such “selling day” will not take place until April 23.

According to the New Brunswick-based FCSC, the Bitcoin-bank offering is illegal.

The regulator’s statement read: “The commission took a close look at the website after becoming aware the cryptobank was advertising its investment opportunities on a Canadian online classified site.

“Since it is not registered to trade in, or advise on, securities or derivatives in New Brunswick, it is illegal for to carry out these activities in the province.”

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