Fraudsters Pose as Registered Firm Representatives to Promote Fake Crypto Scheme, CIRO Warns

The Canadian Investment Regulatory Organization (CIRO) has issued a new investor alert about an impersonation scam. This time, fraudsters are misusing the name of Liquidnet Canada, a legitimate CIRO‑registered firm, to promote a cryptocurrency scam.

According to CIRO, scammers have been calling Canadian investors while posing as Liquidnet Canada representatives and offering crypto investment opportunities. The regulator stressed that Liquidnet Canada does not contact investors with cryptocurrency offers, and any such calls should be treated as fraudulent.

CIRO advises investors to verify communications directly with firms using official websites and contact details to protect themselves against fraud.

Fraudsters frequently impersonate legitimate advisors. Therefore, investors should directly confirm with the registered financial institution that they are dealing with the actual registrant. Investors should never share personal or financial information unless they are certain of the request’s legitimacy.

Earlier this month, CIRO also warned against Tradock LTD, a firm falsely claiming registration with CIRO’s predecessor, IIROC. BrokersView’s checks confirmed Tradock is unregulated in any jurisdiction.

Learn the steps to confirm a firm’s CIRO registration here.