There are thirteen provincial financial regulations in Canada, with one of the most active being the Nova Scotia Securities Commission. The NSSC announced that LeadingPips has been scamming Canadian Clients, placing this forex firm into the Canadian Investment Caution List. Trading clients could easily be deceived by this exchange, with them providing the standard blockchain financial services. The NSSC noted that illegal investment activities were being committed through their cryptocurrencies, binary options and forex services. The Nova Scotia Securities Commission first began investing LeadingPips after noticing unrealistic payouts for their subsequent affiliate program.
The Acting Director of NSSC Enforcement, Stephani Atkinson, spoke about their decision with LeadingPips. She stated: “LeadingPips website raises many red flags characteristic of investment scams. LeadingPip claims its accounts are guaranteed, and profits will be quickly realized with no risk. Remember if something seems too good to be true, it probably is. These claims carry the hallmarks of investment fraud.”
NSSC Proposed Regulations
The Nova Scotia Securities Commission proposed new regulations for the Canadian Forex Market. The framework for this regulation would centre around clarity on CFD, Forex and Derivative products. Before the NSSC can receive approval on their proposed rules, it was first to be approved by the “Investment Industry Regulating Organization of Canada”. They are the leading regulators behind the Canadian Forex & Blockchain markets. Nova Scotia Legislators believe that the updated regulation from NSSC will correlate with the IIROC Requirements.
The Illegal Activities of LeadingPips
LeadingPips receive multiple warnings to shut down their operations from the NSSC. When they refused to abide by these requests, the Nova Scotia Securities Commission placed them into the Investment Caution List. It was noted that this exchange was falsely advertising their potential profits, while also illegally calling residents in Nova Scotia to establish a business relationship. It prompted the NSSC to receive an influx of calls regarding LeadingPips. Investors themselves provided legal complaints to the NSSC, mentioning that the advertising services from LeadingPips were falsified. This makes it a dangerous entity to engage with through the blockchain industry.
The Nova Scotia Securities Commission also works with the Canadian Securities Administrators Association and IIROC. This has allowed them to make their LeadingPips warning became a nation-wide, with it being rumoured that this firm has lost 45% of their active customers already. Those wanting to locate an honourable and respectable cryptocurrency exchange can review the “Approved NSSC List”.