NovaCrypto.ca isn't real, but there are hundreds of websites like it, created by scam artists to steal investors money.
If you arrived on this page, you clicked a link on NovaCrypto.ca to sign up, deposit money, or download a trading app. This is where the scam begins on unregistered fraudulent crypto trading websites. If you had clicked any of these links on an actual fraudulent site, you may have given your personal and financial information, and your money to a scam artist.
The Nova Scotia Securities Commission designed NovaCrypto.ca to closely mimic unregistered, fraudulent crypto trading websites to educate and inform potential crypto asset investors on the red flags to look for when using an online crypto asset investing website. While not all online crypto trading websites are fraudulent, thousands are, and innocent investors lose money daily to online scams.
Here are some of the red flags that appear on NovaCrypto.ca, and also appear on many real fraudulent crypto trading websites, that you can watch for to protect yourself.
Believe it or not, all the typos shown above and all other typos and errors found on NovaCrypto.ca are real typos and errors we found in copy on fraudlent crypto trading websites.
The "Financial Standards Commission" and the "Crypto Commission Authority" do not exist and are a couple of the fake regulators that fraudulent crypto trading websites are claiming to be regulated by. If a crypto trading website claims they are registered with a regulator or are a member of a professional organization, always do further research to ensure that the regulator or organization is real.
FINTRAC is a real organization but they have not registered NovaCrypto.ca and fraudulent websites often lie about being registered with FINTRAC and list phony registration numbers. In addition, FINTRAC does not regulate the conduct of the firms that is registers in the same way that provincial securities regulators do.
It's easy to find out if a crypto trading platform is registered in Canada. Simply visit the National Registration Search on the Canadian Securities Administrators website, or visit the List of Registered Crypto Trading Platforms (CTPs) webpage on the Nova Scotia Securities Commission website. Both sites are continually updated. Links to both sites are below.
Fraudulent crypto trading websites love to make promises of "guaranteed returns," "easy money," and "quick profits." They also constantly talk about making extra money to "improve your lifestyle" and "provide a better life for your family." These guarantees, promises and buzz words are not real and are simply a hook used to lure investors.
All the testimonials found on NovaCrypto.ca are fictious. Testimonials on fraudulent websites are also made up and often have names of celebrities or fictional characters attached to them. One fraudulent site we found had testimonials by Bruce Wayne, Clark Kent, Richie Rich, Jordan Belfort, and George Costanza.
NovaCrypto.ca was not featured in articles or stories produced by any of these media outlets. Fraudulent crypto trading websites will often say they were featured in prominent well-known media outlets, or they may go one step further and produce fake media stories that look legitimate unless you're paying close attention.
Duke Tower is a real office tower located at that address in downtown Halifax. However, Suite 444 does not exist in Duke Tower (and we should know because the Securities Commission is in Suite 400), and there are no NovaCrypto offices anywhere in the building. Fraudulent crypto trading websites will often pick a well-known office building in a major city and list it as their office location despite no such office existing. Many fraudulent sites will often list several countries that they are located and operate in despite not having any presence there.
- Crypto asset trading platforms must be registered with securities regulators to legally offer crypto asset trading services to Nova Scotia investors.
- Registered crypto asset trading platforms must abide by securities laws that protect investors.
- Just because a crypto asset trading platform is advertising to investors in Canada, whether it be on TV, online, in print, or on a billboard or signage, does not mean they can legally do business here.
- More than $1 million has been lost by Nova Scotians to crypto-related fraud in the last year. Losses across North America connected to this type of fraud are believed to be in the billions.
Resources:
Videos:
Purchasing and selling crypto assets
Be aware of non-registered crypto trading platforms
