OSC warns that BitConnect and its BCC Exchange aren't registered in the province

The BitConnect logo is shown in a handout. The Ontario Securities Commission warned Tuesday that BitConnect, which claims to operate an online exchange platform known as the BCC Exchange, is not registered in the province to solicit investments or provide advice about buying or selling securities . The OSC is asking for Ontario residents to contact the regulator if they’ve been approached by representatives of BitConnect. THE CANADIAN PRESS/HO

TORONTO - The Ontario Securities Commission is asking for people to contact the provincial regulator if they've been approached by representatives of BitConnect or its affiliates, which includes an online exchange platform known as the BCC Exchange.

The OSC says websites operated by BitConnect offer multiple investment opportunities that include "mining," "trading" and "staking" BitConnect Coin — a type of cryptocurrency.

The securities commission says BitConnect isn't registered in the province to solicit investments or provide advice about buying or selling securities.

A spokeswoman for the provincial regulator says it sometimes warns the public about possible harmful activity in progress but doesn't disclose when or if it's actively investigating a subject.

There was no initial response to requests for comment sent to BitConnect and BCC Exchange.

The OSC warning comes after a Texas regulator issued a cease and desist order against BitConnect in January, claiming BitConnect said it would deliver annualized returns of 100 per cent or more by issuing BitConnect Coins.

The Ontario Securities Commission said on April 6 that it is gathering information on several cryptocurrency trading platforms after it received a number of complaints.

OSC spokeswoman Kristen Rose said that platforms that offer this type of trading may classify as a marketplace, and would be required to comply with the rules governing exchanges or alternative trading systems.

The provincial regulator said investors should consider the risks associated with investing in cryptocurrencies and contact it at 1-877-785-1555 or inquiries@osc.gov.on.ca if approached by BitConnect representatives.


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