Be an informed investor - Don't be fooled by fraudsters misrepresenting themselves
December 23, 2021 (Toronto, Ontario) – Investment Industry Regulatory Organization of Canada (IIROC) is warning Canadian investors not to be fooled by Elitesfx, also known as Elitefx.
Elitesfx (www.elitesfx.com) is luring investors with promises of quick profits in cryptocurrency trading. When investors try to withdraw funds from their account, Elitesfx claims that their withdrawals are put "on hold" by IIROC and they are required to "upgrade" their accounts.
Neither Elitesfx nor Elitefx is an IIROC-regulated broker. IIROC also does not play a role in approving withdrawals from investor accounts. Any company asking for payment or to increase the amount on deposit with them before approving a withdrawal is likely fraudulent.
Certain crypto-assets have generated a lot of hype. All investors must be informed and ask themselves important questions before purchasing higher-risk investment products that do not trade on stock exchanges. Investors should know that crypto-asset trading platforms are not the same as regulated marketplaces and may be missing key investor protections.
IIROC-regulated investment firms and individuals must meet our high standards and deal fairly, honestly and in good faith with Canadian investors. We urge Canadian investors to exercise caution when dealing with non-IIROC-regulated firms. Investors can verify an investment firm's registration on IIROC's website.
Victims of this type of scam should contact their local securities regulator.
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.