Service NL is warning the public about a group claiming to be a cryptobank which is soliciting the public online through classified advertising services, social media and a website to invest in bitcoin blue, a cryptocurrency.
The group, known as Bitcoin Bank, is not registered to trade in securities in this province.
The website claims that the entity is located in California, but Service NL and other Canadian regulators have determined that it is not located at the address stated and that the advertised returns on investment are unrealistic.
Consumer warnings have been issued in Manitoba, New Brunswick and Nova Scotia.
Service NL cautions the public to check for the registration of any entity soliciting potential investors. If anyone has been contacted by, or had any dealings with Bitcoin Bank or any other suspected scams, they are encouraged to notify Service NL.