CSA and CIRO Remove More Than 3,900 Fraudulent Investment Websites in National Crackdown

The Canadian Securities Administrators (CSA), working jointly with the Canadian Investment Regulatory Organization (CIRO), has released initial results from a new initiative targeting the surge in fraudulent investment and cryptocurrency websites threatening Canadian investors.

Between June 5 and November 23, 2025, regulators shut down more than 3,900 fake investment platforms and crypto scam sites, linked to over 6,900 individual URLs associated with those sites.

source: CSA

“Aided by advancements in technology, the number of scam investment websites has grown significantly in recent years,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “This initiative is part of the CSA’s broader strategy to combat online financial fraud and enhance investor protection in the digital age.”

The Ontario Securities Commission (OSC) led the procurement and testing of the new capability on behalf of the CSA and CIRO.

Regulators emphasized that while the initiative enables the rapid takedown of fraudulent sites, investors should continue reporting suspicious websites to their local securities regulator.

The CSA continues to urge Canadians to stay alert to common warning signs, including:

• Unregistered individuals or firms offering investments
• Promises of high or guaranteed returns with little or no risk
• Unsolicited investment advice or requests for access to devices
• Pressure to make immediate decisions
• Fake endorsements from celebrities, athletes, or politicians
• Requests for additional payments when attempting to withdraw funds
• “Recovery” companies claiming they can retrieve lost money

Canadian investors are reminded that investment firms must be registered with provincial or territorial securities regulators before opening accounts or providing investment recommendations.

If you need help verifying a firm’s registration status, Ask a Question on BrokersView.