REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors in Saskatchewan of the online entity Virtual Wealth Exchange.
"Exercise caution when engaging with online investment entities," FCAA Securities Division Executive Director Dean Murrison said. "Do not do business with unregistered investment entities and always check registration status at aretheyregistered.ca."
Virtual Wealth Exchange claims to offer Saskatchewan residents trading opportunities, including stocks, cryptocurrencies, non-fungible tokens (NFTs), commodities, indices, forex, and metals.
Virtual Wealth Exchange is not registered in Saskatchewan to trade or sell securities or derivatives. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
If you have invested with Virtual Wealth Exchange or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.
Tips to protect yourself:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
- Do not allow unknown or unverified individuals to remotely access your computer.
