Ontario Securities Commission (OSC) Issues Warning Notice against True North Bit

The Ontario Securities Commission (OSC) has reportedly addressed the entire investment community in Canada. The address by the Ontario Securities Commission is related to a financial services providing platform known as “True North Bit”.

The Ontario Securities Commission has issued a warning letting the entire investment community in Canada know about True North Bit’s true status in the country. The Ontario Securities Commission has issued a warning stating that True North Bit is providing unregulated and unauthorized services to the Canadian locals.

This means that it is full of risks for the locals of Canada to interact with True North Bit. According to Ontario Securities Commission, the investors must remain extremely vigilant and alert when making investments through the service provider.

Purpose of Warning

As mentioned earlier, the Ontario Securities Commission is concerned about the true motives of True North Bit. Although the platform is claiming to be a regulated and authorized financial service provider in Canada, the reality is completely different from it.

According to the Ontario Securities Commission, the platform has been involved in providing its trading services to investors without any authorization.

Authorization for Operating in Ontario

By law, any online financial trading service provider in Ontario, Canada needs to have authorization for operating and providing its services. Any entity providing financial/trading services in Ontario, Canada without any approval or authorization is considered illegal. The platforms are not allowed to breach the policy at all and if they fail to do it, then they are liable by the law in Ontario.

The Ontario Securities Commission has revealed that True North Bit has claimed that it is a fully regulated entity in Ontario, Canada. The platform claims that in order to operate and provide its financial services in Canada, it has acquired authorization.

The Ontario Securities Commission has already cleared its position by confirming that it has given no authorization to True North Bit to operate in Ontario, Canada. Therefore, True North Bit is not allowed or permitted to provide its financial services in the country.

The regulatory authority has also announced that it has no connection with Ontario Securities Commission. From their end, they are concerned that the motive of the platform is to lure investors to Ontario and deprive them of their investments.

Advice to Remain Vigilant

In the light of the above, the OSC has advised any investors in Ontario or potential investors, aiming to interact with True North Bit, to stay alert. The regulatory authority has advised the investors to be vigilant and alert when dealing with True North Bit. According to the regulatory authority, it is extremely unsafe for investors to interact with True North Bit. Investors must remain vigilant while dealing with True North Bit.

If the investors make investments through True North Bit and end up incurring any losses, there is no guarantee of recovering such funds. No regulatory authority would be able to provide support or compensate the investors for any losses incurred while investing through True North Bit.

Services Provided by True North Bit

According to True North Bit’s website (truenorthbit.com), it has been providing financial services in securities such as CFDs and cryptocurrencies. On the website, True North Bit claims that it is a regulated trading service provider. The platform claims it is strictly adherent to the KYC and AML policies.

To get more money out of the investors, the platform has been offering different kinds of plans. On top of that, True North Bit claims that it has a highly reliable customer support team. The platform claims that it provides customer support through different support channels. According to the platform, it provides support via email, landline, and online chat support.

The platform also claims that it provides investors with different kinds of bonuses. This is another way for the platform to attract more investors to the platform from Ontario, Canada.