CSA Securities Investor Warnings

Vancouver – The Canadian Securities Administrators (CSA) is urging Canadians to be cautious when considering buying crypto assets through trading platforms. Even though a platform may call itself an “exchange,” that does not mean it is complying with the securities regulatory regime. The CSA wants to make it clear: currently there are no crypto-asset trading platforms recognized as an exchange or otherwise authorized to operate as a marketplace or dealer in Canada.

“We want investors to understand that just because a platform may advertise itself as an exchange, that does not mean the platform is complying with applicable securities regulations,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “If it is not, investors should not expect to receive the same protections that are built into the securities regulatory framework applicable to exchanges or dealers, and should therefore be cautious.”

Crypto-asset trading platforms are online trading facilities that allow investors to buy and sell crypto assets, including bitcoin or ether, and/or coins or tokens that may have been sold through initial coin offerings or initial token offerings.  In some instances, such platforms are advertising themselves as exchanges. If a platform facilitates the trading of crypto assets or interests in crypto assets that are securities or derivatives, that platform is required to comply with securities legislation.

Investors should be cautious when dealing with any crypto-asset trading platform because key investor protections may not be in place.  These key investor protections include secure handling of client funds, appropriate safekeeping and protection of assets, confidentiality safeguards for personal information, reliable processes for pricing and trading in crypto assets, appropriate investor pre-trade disclosures, and measures against market manipulation and other harmful practices.

For more information on how to spot and avoid investment fraud on the Internet, please visit the CSA website This link will open in a new window. For more information on cryptocurrency offerings, please refer to CSA Staff Notice 46-307 Cryptocurrency Offerings.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

– 30 –

For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514-940-2176

Alberta Securities Commission

Hilary McMeekin

403-592-8186

British Columbia Securities Commission

Alison Walker 

604-899-6713

Financial and Consumer Affairs Authority of Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Erin King

506-643-7045

Government of Prince Edward Island, Superintendent of Securities

Steve Dowling

902-368-4550

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

David Harrison

902-424-8586

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities, Newfoundland and Labrador

Kimberly Rya

709-729-2602

Office of the Superintendent of Securities, Northwest Territories

Tom Hall

867-767-9305

Office of the Yukon Superintendent of Securities

Rhonda Horte

867-667-5466

Ontario Securities Commission

Kristen Rose

416-593-2336