CIRO Warns Investors About Fraudsters Impersonating Former IIROC Employees in Crypto Scam

The Canadian Investment Regulatory Organization (CIRO) has issued an investor alert warning Canadians about an ongoing cryptocurrency scam involving fraudsters impersonating employees of the former Investment Industry Regulatory Organization of Canada (IIROC), one of CIRO’s predecessor organizations.

According to the regulator, scammers are contacting investors through email and WhatsApp, falsely claiming they can assist with cryptocurrency investments or recover funds. The individuals are not affiliated with either IIROC or CIRO.

CIRO stressed that its employees will never contact investors through WhatsApp and noted that all legitimate emails from the organization use addresses ending with “@ciro.ca”. The watchdog urged investors to remain cautious when receiving unsolicited investment-related communications, especially those involving cryptoassets or requests for personal and financial information.

The regulator advised investors to verify suspicious communications directly with CIRO and avoid sharing sensitive information unless the legitimacy of the request has been confirmed. It also encouraged victims and members of the public to immediately report any suspicious activity involving claims of CIRO or IIROC affiliation.

CIRO reminded investors that all firms and individuals registered to provide financial advice in Canada can be checked through the National Registration Search maintained by the Canadian Securities Administrators (CSA). The organization also highlighted educational resources available through its Office of the Investor to help Canadians identify investment fraud and protect themselves from scams.

Authorities advised anyone who believes they may have fallen victim to the scheme to contact their bank, local police, provincial securities regulator, and the Canadian Anti-Fraud Centre without delay.