Canadian securities regulators warn public about unregistered trading platform Nova Tech Ltd
TORONTO, March 17, 2023 /CNW/ - The Canadian Securities Administrators (CSA) is warning the public that Nova Tech Ltd (NovaTech), which operates the website www.novatechfx.com, is not registered with a securities regulator in any province or territory in Canada. This means they are not authorized to offer trading in any securities or derivatives to anyone located in Canada.
NovaTech may be operating in breach of provincial and territorial securities and derivatives law, including provisions related to unregulated trading and the illegal distribution of securities. NovaTech appears to offer investment products and trading services through its website. On February 5, 2023, NovaTech announced a temporary freeze in trading account withdrawals for a period of 60 days.
On March 2, 2023, the Capital Markets Tribunal (Ontario) extended a cease trade order issued by the Ontario Securities Commission, which requires, among other things, that NovaTech temporarily ceases all trading in any securities.
Anyone trading securities or derivatives or providing investment advice in relation to securities and derivatives in Canada, including platforms that facilitate the trading of products based on forex and crypto assets, must comply with applicable securities or derivatives legislation. Investors should always check the registration of any person or business trying to sell them an investment or give them investment advice. To do this, investors can visit AreTheyRegistered.ca.
For more information on how to spot and avoid investment fraud, please visit the CSA website.
Canadian investors who have been approached by NovaTech or purchased its investment products can contact their provincial or territorial securities regulator.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
For investor inquiries, please contact your local securities regulator.
SOURCE Canadian Securities Administrators