Investor Alert: EliteS​FX​.com

Type: Media Release> General

Contact:

Julia K. Mackenzie
Public Affairs Specialist
Telephone:
Email:

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.

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About IIROC:

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.

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MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.