Canada Cracks Down On Crypto Marketing
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) are cracking down on false or misleading advertising activities and marketing strategies by cryptocurrency trading platforms (CTPs) operating in Canada or who have Canadian clients. In a Notice issued on September 23, the CSA and IROC outlined their position, and helpfully provided a series of examples of what they’d consider false and misleading statements.
Some examples included ““Your crypto assets are safe with us because we meet all regulatory requirements” and “We are your cheapest and best source for Bitcoin.” Even if a cryptocurrency firm doesn’t conduct business in Canada, it’s worth a few minutes to read through the examples and review your social media content. If one regulator finds certain conduct inappropriate, others might not be far behind.