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Canadian Regulator Warns About Bitcoin-bank.io

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Canadian regulator Financial and Consumer Services Commission (FCSC) has warned people in New Brunswick about a website that claims to be a "cryptobank."

In a media release, the regulator said the website Bitcoin-bank.io (BTCB) is offering payment card solutions, wallet services, and an opportunity to invest in its BTCB coin through a cryptocurrency initial coin offering (ICO).

Bitcoin-bank.io website says, BTCB will be the world's first cryptobank that is offering payment card solutions, wallet and the opportunity to profit from a secured investment, through BTCB coin. It claims the digital currency to be state-of-the-art cryptocurrency that allows peer to peer mode of payment and is deployed on decentralized ethereum blockchain based technology.

It also calls itself a peer to peer (p2p) online banking facility that promises per day returns to users by holding their money for a period of 24 hours only.

It further says BTCB removes the acceptability or exchanging problem of cryptocurrency conversion by providing dedicated ATM credit cards that are acceptable all over the world and will enable the investor to withdraw any amount of digital assets instantly.

The regulator said the bank claims to have developed software to make trading in cryptocurrency highly profitable.

The commission took a close look at the website after becoming aware the cryptobank was advertising its investment opportunities on a Canadian online classified site. It is illegal for Bitcoin-bank.io to carry out these activities in the province as it is not registered to trade in, or advise on, securities or derivatives in New Brunswick, the commission said.

An investigation by the agency of its advertised street-listed address in California found no presence of the company at that location.

Further, it was found that many of the photographs accompanying team profiles on the website had been taken from other sites with fake names attached, and that content had been copied from other websites.

FCSC) commented, "Becoming an informed investor is the best way to protect your money. Informed investors don't leave it to chance."

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