BitcoinBank (BTCB) claims to be a “cryptobank” that provides financial and investment services.
We recently became aware of BTCB and found its advertisement targeting British Columbia (BC) residents and offering BTCB Coins through an initial coin offering.
Cryptocurrencies are a subset of digital currencies. Cryptocurrencies are not fiat currencies. In certain circumstances, cryptocurrencies may be considered to be securities under the securities legislation in BC, and trading in or advising on them may require registration in BC.
BTCB is not registered to trade in, or advise on, securities or exchange contracts in BC.
We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC, or are selling unqualified securities in or from BC.
For information on how to become better informed about investment products and services, please visit InvestRight, at www.investright.org.