Canadian regulators: Bitcoin-bank.io is a fraud scheme

The cryptocurrency banking organization called Bitcoin-bank.io is nothing more than a fraudulent criminal enterprise, warns the Financial and Consumer Services Commission in Canada.

Main reasons why this bank is illegal in the eyes of Canadian authorities include the buy-and-sell restrictions clearly made for the benefit of the platform founders and the lack of proper registration in the Province of New Brunswick. Furthermore, the enterprise address in California is actually fake, as found out by the FCSC investigators.

While the FCSC did not take any action against this business at the press time, it might do so in the near future.

Another cryptocurrency bank called AriseBank has also been recently debunked almost simultaneously by investors and the American regulatory agencies. Headed by scammer Jared Rice, this organization boasted about a partnership agreement which didn’t happen in reality and overall pretended to be a bank instead of conducting sensible banking activities, which was the main reason the court in Texas ordered this firm to close.

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