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Saskatchewan has not been left out of the huge uptick in cryptocurrency trading frauds targeting Canadians, according to the province’s marketplace watchdog.
Saskatchewan has not been left out of the huge uptick in cryptocurrency trading frauds targeting Canadians, according to the province’s marketplace watchdog.
“It’s kind of disheartening because they are growing so quickly,” said Harvey White, director of enforcement at the Financial and Consumer Affairs of Authority (FCAA).
The FCAA has issued multiple warnings about online entities like Fxeasyexchange, JPCrypto, and GSPartners, stating none of these sites are registered to trade or sell in the province.
As always, the FCAA warns consumers not to send money to companies that are not registered, as they may not be legitimate businesses.
In the first three months of the year, there had been 12,094 victims and $133.7 million lost to fraud in the country, according to the Canadian Anti-Fraud Centre.
“They’re appearing more and more on social media pop-up ads,” White said.
“With economics the way that they are right now, and uncertainty sometimes in the markets, people are looking for something that they consider a secure investment. These platforms offer what sound like extremely safe and secure investments: huge returns and very little risk.”
However, White said if it seems too good to be true, it is likely a scam.
“Low risk, high profit, anything that looks too good to be real definitely is,” White said of possible red flags. “If you need to keep this investment a secret or you can’t tell your family. If it’s a time-limited offer, you have to act right now. It all makes up a package of what they’re trying to sell to investors.”
He said a lot of fraud happens over social media, but sometimes people are targeted over phone or by email.
“They are using all different forms of marketing to get out there and reach the investing public, and that’s where our concern comes in.”
White urged investors to do their research, with focus on the specifics of the investment.
“Make sure you understand it, because they use all kinds of elaborate language just to try to confuse you. Google them, check the website,” White said.
“If they claim they have been in business for 15 years, you can actually check when that website was registered.”
White recommended ensuring the cryptocurrency website is registered with the FCAA before investing.
“If they’re not registered, it’s definitely a huge red flag. The purpose of registration is so that we can ensure we have good, honest, professional people in the industry.”
He also recommends talking to a professional before investing.
“Nothing is immediate, you don’t have to invest now,” He said.
“Talk to your investment advisor, your accountant, perhaps your lawyer. Just seek that second opinion on if it’s a good investment.”
Anyone who has invested with unregistered online entities can contact FCAA’s Securities Division at 306-787-5936.
The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week — its lowest in nearly two months.
While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price.
$56,000 The Ultimate Support Level For Bitcoin: CryptoQuant
In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency.
The relevant indicator here is Metcalfe price valuation bands, which pinpointed resistance levels and tops in the previous cycle. However, as shown in the chart below, these bands (the red line) acted as a critical support area in May.
For context, the Metcalfe Law states that the value of a network is proportional to the square of the number of its users. Basically, this law suggests that the value of the cryptocurrency (Bitcoin) is intrinsically linked to the size and activity of its network.
The Metcalfe price valuation bands are derived from this principle, providing a valuation framework associated with the network effect. These bands create a range of price levels that evaluate where Bitcoin should theoretically trade based on the network fundamentals.
Historically, these bands have acted as both reliable resistance and support levels in different market cycles. In recent months, the $56,000 level has been a pivot point for the indicator, providing a strong support for the Bitcoin price in May.
According to CryptoQuant’s report, the price level might prove to be vital should the premier cryptocurrency face additional downward pressure. However, if the Bitcoin price dips below this level, the market leader could experience a major correction.
Bitcoin Price At A Glance
As of this writing, the Bitcoin price has returned to around the $60,700 mark, reflecting a 2% decline in the last 24 hours. The coin’s performance on the weekly timeframe is deeper in the red.
According to data from CoinGecko, BTC is down by more than 6% in the past week. Nevertheless, the cryptocurrency ranks as the largest asset in the sector, with a market capitalization of over $1.18 trillion.
Let’s kick things off with a strategy that leverages your network: referral programs. Cryptocurrency exchanges and platforms often offer lucrative rewards for bringing new users on board.
Enter Presearch, a decentralized search engine that rewards users with its native token, PST.
If you’ve got a way with words, platforms like Publish0x offer an intriguing opportunity.
Turn your retail therapy into a crypto-earning opportunity with platforms like:
Platforms offering “Learn and Earn” programs:
In the realm of cryptocurrency, even online betting platforms are getting in on the action. “Crypto betting bonuses explained” is a term you might come across when exploring this niche. These bonuses are incentives offered by crypto-friendly betting sites to attract new users or retain existing ones.
When diving into crypto betting bonuses explained, it’s important to note that these offers often come with terms and conditions, such as wagering requirements or time limits. Always read the fine print and gamble responsibly.
Remember, while crypto betting bonuses can seem attractive, they are ultimately marketing tools designed to encourage betting. Always approach such offers with caution and a clear understanding of the associated risks and requirements.
By Suzanne McGee
(Reuters) – Digital assets investment management firm 21Shares filed Friday for permission from U.S. regulators to launch an exchange-traded fund tied to the spot price of crypto token Solana.
It was the second such filing in as many days, following a similar move Thursday by VanEck. The Securities & Exchange Commission approved spot bitcoin ETFs offered by both firms, among others, in January after a long battle. Both VanEck and 21Shares are among the asset managers awaiting SEC approval to launch spot ETFs tied to the price of ethereum, the second-largest cryptocurrency.
The CBOE, the exchange on which both asset managers plan to list Solana ETFs if approved, must still request regulatory approval to change its rules and allow these new products to trade. People involved in the Solana discussions, who declined to be identified because of the confidentiality of the process, said that filing could come within days or weeks. A spokeswoman for CBOE declined to comment.
A third asset manager, Canada’s 3iQ, filed earlier in June for permission from Ontario regulators to list a similar Solana-based product on the Toronto Stock Exchange. Solana is the fifth-largest cryptocurrency measured by market capitalization, according to CoinGecko.
The three filings have combined to drive the price of Solana 9.4% higher in the last seven days, even as the prices of bitcoin and ether dropped 4.6% and 2.8% respectively, according to CoinGecko.
So far, however, no futures contracts on Solana trade on the CME, in contrast to the pattern with both bitcoin and ether. The SEC approved futures-based ETFs tied to both tokens before considering the spot products.
The existence of futures contracts, however, “should not be the sole criterion for ETF eligibility,” said Andrew Jacobson, head of legal at 21Shares.
(Reporting by Suzanne McGee; Editing by Cynthia Osterman)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.
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