Aggregated News From Investment Management Regulators

Beware of ongoing solicitations from Québecoin

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The Autorité des marchés financiers (AMF) cautions Québec consumers about the current activities of Québecoin, which is being marketed as a cryptocurrency.

An AMF investigation has revealed that Québecoin, whose promoters appear to be located outside Canada, is soliciting investments in this cryptocurrency through, in particular, the website quebecoin.org and social media profiles on Facebook, Twitter, Discord and Telegram. An analysis of the content posted on these platforms shows that Québecoin is making special a effort to recruit Québec investors.

Based on the evidence compiled over the course of the investigation, Québecoin’s ongoing activities constitute a securities offering and are therefore subject to the Securities Act. However, neither Québecoin nor its promoters are registered with the AMF in any capacity whatsoever. Moreover, they have never prepared a prospectus subject to a receipt issued by the AMF and do not benefit from an exemption.

Don’t become a victim

Offering investment opportunities via the Internet or social media or in person is a regulated activity. Any individual or firm promoting an investment product must be registered with the AMF or benefit from a registration exemption. To make sure you don’t fall victim to the type of approach described earlier, check whether the individual or firm is on the Register of firms and individuals authorized to practise.

The AMF issued a warning about initial cryptocurrency or token offerings in 2018. Today, it is reminding the public that cryptocurrencies are not issued by governments or central banks. In Québec, transactions involving crypto assets are therefore not covered by the Deposit Insurance Fund.

Have you done business with Québecoin? Contact the AMF Information Centre. You could help the AMF better protect consumers.

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

This news item was originally published by the Financial Markets Authority (AMF CA). For more information, please see the Source Link.

Regulator Information

Regulator Name: Financial Markets Authority
Abbreviation: AMF
Jurisdiction: Canada

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