News & Events

CSA / ACVM
For Immediate Release
June 6, 2018


CSA Investor Alert: Caution urged for Canadians investing with crypto-asset trading platforms


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 here. 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.


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For more information:

Alison Walker
British Columbia Securities Commission
604-899-6713

Kristen Rose
Ontario Securities Commission
416-593-2336

Hilary McMeekin
Alberta Securities Commission
403-592-8186

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Erin King
Financial and Consumer Services
Commission, New Brunswick
506-643-7045

David Harrison
Nova Scotia Securities Commission
902-424-8586

Steve Dowling
Government of
Prince Edward Island,
Superintendent of Securities
902-368-4550

Kimberly Ryan
Office of the Superintendent
of Securities
Newfoundland and Labrador
709-729-2602

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591

Tom Hall
Office of the Superintendent
of Securities
Northwest Territories
867-767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160