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  • Writer's pictureMichael Bacina

"Hey! That's not the wallet inspector!" Fake crypto sites using fake regulator logos

The Canadian Securities Administrators, which represents all the provincial Canadian Securities regulators, has released a warning concerning scam digital currency exchanges which are now including fake certification logos of fictitious regulatory agencies and blockchain industry bodies in an attempt to fool victims.

The scam websites are linking to a number of fake regulator websites and associations including:

  • Financial Standard Commission (FSC Canada)

  • Financial Commission/Finacom PLC Ltd.

  • Blockchain Association (U.K. and Hong Kong – Not to be confused with the actual Blockchain Association operating from the US.

  • European Financial Services and Exchange Commission

  • Crypto Conduct Authority/Crypto Frugal Ltd. (Ireland)

  • Crypto Conduct Authority/Crypto Frugal Ltd. (U.K.)

  • International Regulatory & Brokerage E-markets

  • British Investment Commission/BIC PLC Ltd.

  • International Financial Market Supervisory Authority

  • Crypto Commission Authority/Crypto Commission Ltd.

CoinTelegraph dug into the "Blockchain Association" and reported that the Blockchain Association claimed to be legitimate but "dormant", and doesn't seem to have many active legitimate businesses.

Thankfully, the CSA notes that scam websites continue to have basic grammar and spelling errors which stand out and give a chance for users to self-identify that they are dealing with a suspicious organisation, as well as the CSA calling them out in ways like this.

The best place to stop scams is of course before they happen, and efforts by regulators to warn and educate, and consider dis-incentivising the ways that scams spread by influencers and on social media will be watched closely.


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