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Service NL issues warning against Bitcoin Bank

ST. JOHN’S, NL – Cryptocurrencies continue to be an emergent investment option but are also fraught with danger.

Service NL, which is responsible for regulating the investment industry in Newfoundland and Labrador, has issued an advisory to residents of the province about one online service claiming to be a cryptobank, used for storing cryptocurrencies, in particular.

In a news release on Tuesday, March 13, Service NL indicated Bitcoin Bank/Bitcoin-bank.io is using online classified advertising services, social media and a website to solicit people to invest in bitcoin blue (BTCB), a cryptocurrency.

Bitcoin Bank is not registered to trade in securities in Newfoundland and Labrador, according to Service NL.

The bitcoin-bank.io website claims that the entity is located at a civic address in California. Service NL, however, and other Canadian regulators have concluded it is not located at its listed address and that the advertised returns on investment are unrealistic, the news release stated.

Newfoundland and Labrador is the fourth Canadian province to issue warnings. Manitoba, New Brunswick and Nova Scotia are the others.

Registration of any entity soliciting potential investors at can be checked at www.aretheyregistered.ca, Service NL notes.

Anyone who has been contacted by or had any dealings with Bitcoin Bank is asked to notify Service NL by email at servicenlinfo@gov.nl.ca or by calling the Financial Services Regulation Division at (709) 729-2596.

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