NovaCrypto.ca is a simulated scam website.
NovaCrypto.ca isn't real, but there are hundreds of websites exactly like it, created by scam artists to steal investors' money.
If you arrived on this page, you clicked a link on NovaCrypto to sign up, deposit money, or download a trading app. This is where the scam begins on unregistered fraudulent crypto trading websites. If you had clicked any of these links on an actual fraudulent site, you may have given your personal and financial information, and your money to a scam artist.
The Nova Scotia Securities Commission designed NovaCrypto.ca to closely mimic unregistered, fraudulent crypto trading websites to educate and inform potential investors on the red flags to look for. While not all online crypto trading websites are fraudulent, thousands are, and innocent investors lose money daily to online scams.
Red Flags to Watch For
Here are some of the red flags that appear on NovaCrypto.ca, which also appear on many real fraudulent crypto trading websites.
Misspelled Words & Typos
Believe it or not, all the typos shown above and all other typos and errors found on NovaCrypto.ca are real typos and errors we found in copy on fraudulent crypto trading websites.
Fake Regulators
The "Financial Standards Commission" and the "Crypto Commission Authority" do not exist. If a crypto trading website claims they are registered with a regulator, always do further research to ensure the organization is real.
FINTRAC is a real organization, but they have not registered NovaCrypto.ca. Fraudulent websites often lie about being registered with FINTRAC and list phony registration numbers.
Guarantees of Profits
Fraudulent crypto trading websites love to make promises of "guaranteed returns," "easy money," and "quick profits." These guarantees are not real and are simply a hook used to lure investors.
Fake Testimonials & Media
All the testimonials found on NovaCrypto.ca are fictitious. Fraudulent sites will also often say they were featured in prominent media outlets, or go one step further and produce fake media stories that look legitimate.
Fake Office Locations
Duke Tower is a real office tower in downtown Halifax. However, Suite 444 does not exist in Duke Tower (the Securities Commission is in Suite 400). Fraudulent sites often pick a well-known office building and list it as their location despite no such office existing.
Verify Registration
It's easy to find out if a crypto trading platform is registered in Canada. Visit the National Registration Search or the NSSC's List of Registered Crypto Trading Platforms (CTPs) to verify. Both sites are continually updated.
What You Need to Know
- Crypto asset trading platforms must be registered with securities regulators to legally offer crypto asset trading services to Nova Scotia investors.
- Registered crypto asset trading platforms must abide by securities laws that protect investors.
- Just because a crypto asset trading platform is advertising to investors in Canada—whether it be on TV, online, in print, or on a billboard—does not mean they can legally do business here.
- More than $1 million has been lost by Nova Scotians to crypto-related fraud in the last year. Losses across North America connected to this type of fraud are believed to be in the billions.
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