Retired teacher Lynn Phaneuf says he and his wife generally only use the smart TV in the living room of their Prince Albert home to watch the news.
When Phaneuf, 70, saw what purported to be an interview between CBC host Rosemary Barton and Prime Minister Mark Carney talking about cryptocurrency investment opportunities backed by the federal government, he thought he was watching a legitimate segment on a CBC streaming platform.
“With all the stuff that has been going on with Mark Carney, trying to get housing going and this and that, I thought this could be just one of those initiatives that is good for Canadians,” Phaneuf said.
The segment did not air on CBC’s platform, and it was fake — a fraudulent video made using AI to impersonate Carney, Barton and CBC branding to direct people to an investment company that was flagged by the Manitoba Securities Commission in June 2025.
Phaneuf said he had doubts throughout the weeks-long interaction with scammers that ultimately cost him $2,800. But with around $800 in profits deposited to his Canadian bank account, a legitimate cryptocurrency site tangled up in the scheme, the professional nature of the so-called financial advisers and a confusing phone call from RBC, there was always just enough reassurance to keep going, he said.
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“I always use the analogy of being lost in the bush. Once you’re lost, you stop believing the things that you should believe.”
The Financial and Consumer Affairs Authority of Saskatchewan said it began tracking amounts reported lost to cryptocurrency scams in the province in 2024, and as of the beginning of November 2025, the total lost was $1.3 million.
For Canada, the reported amount lost totals more than $388 million between January 2024 and September 2025, according to the Canadian Anti-Fraud Centre. Both agencies say only an estimated five to 10 per cent of victims report the fraud.
Companies ‘very well aware’ of AI-generated ads
Mathieu Lavigne, the analytic lead at the Media Ecosystem Observatory — a Canadian-based research initiative that monitors and analyzes online harms — said deepfake, AI-generated videos like the one Phaneuf encountered are a known problem for social media companies.
But the companies are taking a primarily “reactive” approach, he said.
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“They’ve basically just been removing individual pages and ads when they’ve been flagged.”
Regulations for ads on social media are much looser than regulations for traditional broadcasts, he said.
Companies like Meta, which owns Facebook, rely on ad buyers to self-declare deceptive AI use and no identity verification is needed before creating a page, even pages running financial ads, Lavigne said.
The Media Ecosystem Observatory was able to track hundreds of Facebook pages, like this one, that impersonated news organizations including CBC to direct Canadians to investment scams. (Submitted by Media Ecosystem Observatory )
“Right now it is possible for any individual around the world to create a page and start buying ads right away that try to defraud Canadians.”
The problem is extensive, he said. His team identified over 200 pages on Meta platforms running ads like the one Phaneuf encountered. One video had been seen by more than 100,000 Canadians.
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He said information from Meta’s ad library shows that more vulnerable Canadians like the elderly are often targeted.
The scam
The fake segment directed Phaneuf to a website called TW Pro, which he said later suddenly became PlusTW. The site displayed stock and trading information for recognizable companies like Apple and cryptocurrencies like Bitcoin and Dash. Phaneuf said he was able to verify that information against the stock exchange in real time.
With time on his hands during retirement, and an apparent endorsement from the prime minister, he thought investing might be interesting and fun.
“I was not trying to make big money out of it. I didn’t need the big money out of it. I just thought, ‘Oh, this is something to try,’” he said.
After he created an account, a series of self-described financial advisers began calling him from Canadian numbers. One gave the name of a real financial adviser based in Toronto, he said.
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His first investment was $365, paid by credit card. After 10 minutes on the phone with someone, he’d earned a profit.
“The earnings were not great, but it was an earning every time,” he said.
Once he ensured he could withdraw his money, he decided to invest $3,000, an amount he could afford to lose. That was the limit he gave himself for the investment project.
Unclear call from RBC
The site asked him to send the money through crypto.com — a Singapore-based company registered to operate in Canada through the Canadian Securities Administrators — using an e-transfer. The move concerned his bank.
“RBC phoned me and said, ‘Are you sure you want to do this?’” Phaneuf said.
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They told him cryptocurrencies often involve scams, but when he asked if RBC had problems with the specific company, crypto.com, the representative said no, Phaneuf said.
“He couldn’t give me an answer: is this OK or is this not OK?”
The call lasted five minutes.
In a statement to CBC, RBC said it would not comment specifically on Phaneuf’s case due to client privacy, but that the company was in contact with him directly about the situation.
“We recognize that we have an important role to play in helping to protect our clients from fraudsters and educating Canadians about staying vigilant in an ever-evolving threat landscape,” the statement said.
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A spokesperson for crypto.com told CBC the company “is not affiliated” with either PlusTW or Pro TW “in any way.”
Pressure to invest
Phaneuf said the pressure to invest increased. When he resisted, the financial advisers became harder to get on the phone. He said he tried to withdraw money and “the phone went dead.” Requests to close his account were similarly ignored.
Normally, he’s able to spot scams and can avoid things like fake emails or phishing scams, he said.
“I was mad because I fell for this one hook, line and sinker.”
Phaneuf said he reported the loss to Prince Albert city police but got a call informing him that they would not pursue it, despite classifying it as theft. He was told there was no need to submit his witness statement, he said.
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After CBC contacted Prince Albert police for comment, a spokesperson said they had determined Phaneuf’s case “requires additional attention” and reopened the file.
“After reviewing the file, we recognize that the initial assessment did not meet our expected standard of service,” Chief Patrick Nogier said.
“We need to be upfront,” Nogier said when asked about the police service’s ability to handle cybercrime.
“We do not have the capabilities and the expertise.”
Nogier said cases involving cybercrime are often beyond the capacity of mid-sized police forces like Prince Albert’s.
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Prince Albert Police Chief, Patrick Nogier (Aishah Ashraf/CBC)
He called the initial assessment of Phaneuf’s case “concerning” given how often cybercrime goes unreported.
Canadian Anti-Fraud Centre outreach officer Jeff Horncastle said victims of fraud should file reports with both their local police and the anti-fraud centre, as it is a separate reporting process.
He said fraud is “very underreported” for multiple reasons, including victims being confused about where to go and having challenges reporting to police.
Learning about the scam
Phaneuf’s wife asked him to take a cybersecurity course at the University of Saskatchewan through its continued learning program in the fall.
While attending the virtual course, he heard a very familiar tale of fraudsters earning trust through phone calls over time, returning some money to victims in order to get them to invest more, and then disappearing with their money, he said.
“They could have just been pointing at me.”
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While Phaneuf didn’t tell his teacher, Canada Research Chair in Security and Privacy Natalia Stakhanova, about his experience, Stakhanova said other seniors in her class have mentioned brushes with AI-powered scams.
University of Saskatchewan computer science professor Natalia Stakhanova teaches a cybersecurity course for seniors. (Katie Swyers/CBC)
“A lot of people don’t realize the extent of the AI these days and the capabilities are growing daily,” Stakhanova said.
“Criminals are getting, becoming more and more creative.”
Scams are now more sophisticated and more believable than “we are accustomed to seeing,” she said.
Experts say education is key to fighting new forms of fraud.
All individuals and companies dealing with financial securities are required to be registered with the Canadian Securities Administrators and can be looked up there.
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Phaneuf’s advice is to keep your bank account information away from anyone asking for money on the internet.
“Don’t let any money out because there’s a good chance you’ll never see it again.”
Global Legal Insight publishes a yearly print-and-digital series that investigates urgent themes in business and law with contributions from legal experts worldwide. In the 2025 volume on Blockchain and Cryptocurrency, Ernst & Young Tax and Law Norway wrote the country chapter, which addresses whether cryptocurrency is lawful in Norway and surveys how cryptoassets are positioned domestically under Norwegian regulation.
Norway generally permits cryptoasset ownership and trading, while placing the strongest compliance expectations on intermediaries that exchange, safeguard, or facilitate transfers for others.
Cryptocurrency Regulation in Norway: Institutions and Policy Signals
The chapter presents perspectives from the Financial Supervisory Authority of Norway, the Ministry of Finance, and the Norwegian Central Bank on current market conditions and responsible approaches to a fast‑moving sector. It also distills the operative legal framework and key tax rules for digital assets. In practice, the Financial Supervisory Authority of Norway is the primary supervisory body for many compliance questions that arise when a business provides crypto-related services (for example, exchange services or custody-like safeguarding for clients), while tax reporting and assessment are handled by the Norwegian Tax Administration.
For crypto businesses, the most relevant requirements typically relate to anti-money laundering compliance, including customer due diligence, transaction monitoring, and internal controls. Businesses that provide exchange services between cryptoassets and fiat currency, or that provide services for holding or administering cryptoassets on behalf of others, may need to register with the Financial Supervisory Authority of Norway before offering services, and should be prepared to document ownership and management, governance arrangements, risk assessments, routines for customer checks, and recordkeeping. If you are looking for a “crypto license” in Norway, the practical path is usually a registration-based process tied to anti-money laundering obligations rather than a single, universal license for all crypto activity.
Legal Status and Compliance Overview
This piece is a practical reference for readers seeking clarity on how Norway governs crypto asset activity. It delivers a concise, trustworthy roundup of regulation in Norway, touching on consumer protection and practical themes for participants in digital finance. For individuals, that often means understanding which activities are permitted, how to document transactions, and which authorities oversee intermediaries versus taxation.
From a consumer-use perspective, self-custody wallets such as Trust Wallet are generally available in Norway through standard app distribution channels, and individuals commonly use them as they do in other markets. Using a self-custody wallet does not typically require registration by the individual, but it does not remove tax obligations or documentation expectations; users should keep clear records of purchases, transfers, swaps, and disposals so gains, losses, and income can be reported correctly. Some banks and payment providers may apply their own risk controls around transfers to and from crypto platforms, so users may encounter practical friction even when the underlying activity is lawful.
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PayPal availability for purchasing Bitcoin in Norway depends on the specific service route. Some crypto platforms may support PayPal-funded purchases or deposits in certain cases, but many do not due to chargeback and fraud-risk controls, and availability can vary by provider and user verification status. Where PayPal is supported, users should expect identity checks, potentially higher fees, and limits that depend on the platform’s compliance and risk settings.
To buy Tether in Norway, individuals typically use a crypto exchange or broker that lists the stablecoin and supports onboarding for Norwegian residents. The usual flow is to complete identity verification on the platform, fund the account using the supported payment method (commonly bank transfer or card, depending on the provider), and then place an order for the stablecoin. Practical banking considerations can matter, including a bank’s willingness to process payments to particular platforms and the platform’s own requirements for source-of-funds information.
Bitcoin mining is generally lawful in Norway, but it can trigger ordinary business, tax, and local compliance considerations depending on scale (for example, zoning, noise, and commercial electricity arrangements). Norway’s electricity pricing is market-based and can be attractive in some regions, but miners should not assume dedicated government subsidies specific to crypto mining; any favorable power costs typically come from standard industrial contracts, local grid conditions, or general schemes that are not exclusive to mining and may change based on policy and eligibility criteria.
On taxation, cryptoassets are generally treated as taxable assets in Norway, and taxpayers are expected to report disposals and income tied to crypto activity. As a rule of thumb, gains and losses on sales, exchanges between cryptoassets, and spending crypto can be taxable events, while income-like receipts (such as rewards that function like compensation or yield) may be taxed when received, with later disposal potentially creating an additional gain or loss based on value changes. The applicable tax rate will typically follow the ordinary income tax rate for individuals, and accurate recordkeeping is essential for cost basis, acquisition dates, fees, and fair value at the time of each taxable event.
Legal ways to reduce crypto-related taxes in Norway tend to be documentation- and planning-driven rather than loophole-driven. Common approaches include ensuring all allowable losses are captured and reported, deducting eligible transaction costs where permitted, maintaining consistent cost-basis tracking so gains are not overstated, and planning disposals with an eye to offsetting gains with realized losses when that matches the taxpayer’s broader financial situation. For higher-activity traders or mining operations, it can also be important to assess whether the activity resembles a business in substance, since that can affect how income, expenses, and reporting are treated under Norwegian rules.
Bitcoin, Ether ETFs Deepen Losses as Weekly Selling Peaks
The week did not end quietly. Instead, it closed with conviction, and not the kind bulls would have hoped for.
Bitcoin ETFs recorded a steep $225.48 million in net outflows, marking one of the largest single-day withdrawals of the week. The selling was concentrated, but decisive. Blackrock’s IBIT accounted for the overwhelming majority, shedding $201.53 million alone. Bitwise’s BITB followed with $18.60 million in outflows, while Ark & 21Shares’ ARKB posted a smaller $5.35 million exit.
There were no inflows to soften the blow. Trading activity remained robust at $3.39 billion, yet net assets fell sharply to $84.77 billion, underscoring the weight of sustained redemptions.
Ether ETFs extended their losing streak to eight consecutive days, with total outflows reaching $48.54 million. Once again, Blackrock’s ETHA led the decline, posting a $70.80 million withdrawal. Fidelity’s FETH followed with $8.92 million in outflows, while Grayscale’s Ether Mini Trust lost $8.68 million.
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Still, one fund continued to defy the trend. Blackrock’s ETHB attracted $39.86 million in inflows, reinforcing its growing appeal among investors. Its staking component appears to be drawing attention, even as broader sentiment around ether remains weak. Trading volume stood at $1.16 billion, with net assets closing at $11.52 billion.
Elsewhere, the picture was quieter but no less telling. XRP ETFs saw no trading activity, with net assets slipping to $933.33 million. Solana ETFs faced heavier pressure, recording a $7.84 million outflow entirely from Bitwise’s BSOL. Trading volume reached $45.21 million, while net assets declined to $809.62 million.
The pattern is hard to ignore. Capital is leaving the space at a steady pace, particularly from flagship bitcoin and ether products. Even isolated inflows are no longer enough to change the broader direction.
In summary, Friday capped a difficult stretch for crypto ETFs. Bitcoin led with a sharp outflow, ether extended its losing streak despite selective interest, solana weakened further, and XRP remained sidelined. The market closes the week on uncertain footing, with sentiment clearly under strain.
FAQ 📊
Why did Bitcoin ETFs see such a large outflow on Friday? The sharp outflow was largely driven by a significant withdrawal from Blackrock’s IBIT, reflecting continued institutional selling pressure.
What is causing Ether ETFs’ extended outflow streak? Ether ETFs are experiencing persistent redemptions, mainly from Blackrock’s ETHA, indicating weaker investor confidence than bitcoin’s.
Why is Blackrock’s ETHB still attracting inflows? ETHB’s staking feature is likely appealing to investors seeking yield, making it stand out even during broader market outflows.
What does continued inactivity in XRP ETFs suggest? It indicates limited investor engagement and a wait-and-see approach, with capital focusing elsewhere in the crypto ETF market.
By now, cryptocurrency investors should be familiar with the cyclical nature of the industry and its repeating pattern of booms and busts. With prices down by an eye-popping 43% over the last 12 months, XRP (XRP 0.71%) is on a downtrend that has erased much of the gains it enjoyed during Donald Trump’s presidential election campaign in late 2024.
That said, long-term ownership is the key to sustainable returns in financial markets because it helps investors ignore the short-term volatility and gives time for an asset’s fundamentals to shine through. Let’s discuss what the next 10 years might have in store for XRP as it attempts to regain the market’s attention and break into mainstream finance.
Today’s Change
(-0.71%) $-0.01
Current Price
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$1.34
Key Data Points
Market Cap
$82B
Day’s Range
$1.32 – $1.35
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52wk Range
$1.14 – $3.65
Volume
2.1B
Rethinking the cryptocurrency market
Unlike stocks or bonds, cryptocurrencies are not tied to profit-generating real-world businesses, which makes them impossible to value based on traditional metrics like earnings. And while it is hard to pin down the exact factors that move the digital currency market, they don’t seem to perform as reliable safe-haven assets, contrary to earlier assumptions.
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Safe havens are expected to maintain or increase in value during times of economic and geopolitical turmoil — such as Trump’s erratic trade policy and the war in Iran. But the cryptocurrency market hasn’t performed particularly well since the crisis started (much like stocks). And over the long term,investors should probably focus on the factors that drive risk asset prices, such as interest rates and institutional adoption.
Lower rates make borrowing easier, which increases the amount of cash in the economy and makes people more willing to take risks — benefiting the crypto demand. Meanwhile, attracting institutional adoption will be XRP’s key to standing out from the thousands of other options.
XRP’s push into mainstream finance
XRP is unique because of the visibility of its development team, Ripple Labs. While other major cryptocurrency developers tend to keep a lower profile (Bitcoin‘s creator, Satoshi Nakamoto, is famously anonymous), Ripple Labs is seemingly glad to make headlines.
Recently, these included winning a partial victory in an SEC lawsuit that sought to regulate its previous token sales under securities law. The settlement resulted in a $50 million fine, but Ripple’s token sales to retail investors weren’t classified as securities sales. Ripple is also working hard to break into mainstream finance. And in December, it earned preliminary conditional approval to create Ripple National Trust Bank, which will allow it to operate as a federally regulated financial institution in the U.S.
Image source: Getty Images.
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There are several benefits to this strategy. For starters, it gives Ripple Labs (and its associated tokens like XRP) a higher level of trust and legitimacy, which is crucial in an industry known for controversy. Furthermore, it makes it easier for the developer to support and develop additional assets like the stablecoin Ripple USD.
While Ripple USD is a separate asset from XRP, they share the same blockchain ledger. Furthermore, Ripple USD transaction fees are paid in XRP, boosting network activity and potentially reducing the XRP supply because a small percentage of all transactions made on the network are removed from circulation through a process called burning.
Where will XRP be in 10 years?
XRP’s developers will have immense influence over the trajectory of the asset over the next 10 years and beyond. And so far, their influence looks like a good thing after a series of regulatory wins that can help increase demand for the asset and boost its legitimacy. Positive macroeconomic trends like falling Federal Reserve interest rates could also eventually help the cryptocurrency industry as a whole.
The recent dip in XRP prices looks like a long-term buying opportunity. That said, the market is clearly in a downtrend. And no one wants to accidentally catch a falling knife, so it might make sense to wait for some signs that sentiment is improving before considering a position.
