Canadian Regulators Issue Warning for Halifax & Associates
Multiple Canadian regulators issued investor alerts against online trading platform Halifax & Associates for selling illegal securities
What Happened?
April 7, 2020: Manitoba, Nova Scotia, British Columbia, and other Canadian securities commissions have issued a warning that Denmark-based Halifax & Associates–claiming to be a cryptocurrency trading platform–has been defrauding Canadian investors. The Manitoba Securities Commission (MSC) claimed that a resident was scammed out of CAD$8,000, while the Nova Scotia Securities Commission (NSSC) notes that multiple investors in that province were defrauded.
Who Is Impacted?
Financial services providers targeting Canadian residents.
Why This Matters?
The Investor Alert helps Canadians assess the credibility of the firms they deal with, or intend to deal with. Investors who do not heed these warnings may be at risk of a total loss of capital–with no recourse for recovery–when dealing with fraudulent and unlicensed service providers operating outside of Canada’s regulatory oversight.
What’s Next?
By issuing the Investor Alert on Halifax & Associates, the NSSC has sent a clear message that these unlawful practices of promoting an unlicensed business can result in public enforcement. This alert could damage a company’s reputation in the public and create barriers to their future growth and development.
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Brittany Whitmore, PR & Communications
Brittany is the founder of Exvera Communications, which specializes in PR for organizations in the innovation and technology industries. In 2017, Brittany was named to BC Business Magazine’s Top 30 Under 30. Brittany was previously communications lead for Procurify, a...
Piotr Piasecki, Head of Research & Development
Piotr is a leading, world-recognized voice in the blockchain sector as an academic, programmer, advisor, and thought leader. He boasts an extensive programming and software architecture background with a specialty in blockchain and financial technology. Piotr received...
Matthias Kucharska-Huelsmann, Systems Architect
Matthias is an entrepreneurial business strategist with over 10 years of consulting and project management experience and joins iComply as Systems Architect. He has worked with blue chip companies around the world and has a proven track record of successful project...
