CSA Deactivates 11,728 Malicious Websites in 2025-2026 as Crypto Fraud Intensifies

The Canadian Securities Administrators (CSA) deactivated 11,728 malicious websites involving 19,860 URLs during the 2025-2026 reporting year, highlighting the growing scale of online investment and crypto-related fraud targeting Canadian investors.

According to the CSA's 2025-2026 Year in Review, published on August 18, the regulator issued 763 investor alerts, cautions and warnings during the year, with more than 85% related to crypto assets. CSA members also pursued 13 crypto-related enforcement matters and permanently banned 47 companies and individuals from participating in Canada's capital markets.

The CSA said its efforts increasingly focus on technology-enabled fraud detection and early intervention. A service launched in December 2025 uses complaints, referrals and automated tools to identify fraudulent investment websites. Some websites were deactivated within 24 hours of detection, according to the regulator.

The websites targeted by the initiative included fake investment platforms and crypto scam sites using guaranteed-return claims, misleading regulatory information and impersonation of financial services firms or regulators. The CSA said fraudsters are also increasingly using social media, crypto-related narratives and deepfakes to reach potential victims.

The scale of the activity comes alongside broader cooperation between Canadian securities regulators, law enforcement agencies and international authorities. CSA members provided 262 instances of formal assistance and referrals, including 150 to foreign regulators in enforcement-related matters.

The regulator's latest figures also come as it warns of a growing CSA impersonation scam, in which fraudsters use the CSA's branding, lookalike domains and fake documents to deceive investors. The schemes can include fake contracts, invoices and receipts, with some documents containing QR codes linking to fraudulent websites.

The CSA also reached 20.4 million Canadians through its fraud-awareness campaign during the year, reflecting a broader strategy that combines investor education with automated detection and disruption of fraudulent platforms.

The figures indicate that online investment fraud, particularly crypto-related scams, has become a major investor-protection priority for Canadian securities regulators, with the CSA increasingly moving from issuing warnings to actively identifying and disabling fraudulent platforms.