Quebec’s AMF urges investors in Technologies Crypto Inc to contact regulator

Maria Nikolova

The AMF advises people who invested money in this cryptocurrency mining firm to contact the regulator by the end of February, so that they can be offered assistance.

Quebec’s financial markets authority (AMF) is urging people who invested money in cryptocurrency mining firm Technologies Crypto Inc. to contact the regulator, so that assistance can be provided to them.

In a press release, the AMF advises all members of the public who are in any way involved with this entity and its two principals – David Fortin-Dominguez and Samory Proulx-Oloko, to contact Ms. Hélène Guilbault at 1 877 525-0337, extension 2427, no later than February 28, 2019.

Earlier this month, following a request from the AMF, the the Financial Markets Administrative Tribunal (TMF) issued a raft of freezing orders against Technologies Crypto Inc, David Fortin-Dominguez and Samory Proulx-Oloko in connection with violations of the Securities Act. Technologies Crypto, doing business as “Make it Mine” solicited at least $300,000 from investors advising them the money would be used for cryptocurrency mining. Some investors managed to get their money back but others were unable to contact the firm and get their investments back.

Under the orders, the respondents are prohibited, inter alia, from withdrawing funds from their bank accounts, as well as from disposing of any equipment related to cryptocurrency mining. The TMF also prohibited the respondents from engaging in any activity related to trading in securities.

“With this decision, the TMF ruled for the first time that an investment offer related to cryptocurrency mining may constitute an investment contract, ie a security whose public offering is regulated,” said Jean-François Fortin of the AMF. “We therefore invite investors who have done business with the respondents to contact the Authority promptly so that we can assist them.”

The TMF is known for its actions against cryptocurrency fraudsters. Perhaps one of the most prominent case is that against PlexCoin, also known as PlexCorps. In October last year, the TMF renewed the injunction orders against PlexCorps, PlexCoin, DL Innov inc., Gestio inc., Dominic Lacroix and Sabrina Paradis-Royer, which bar the defendants from activities in the securities market. In addition, the TMF issued orders for closing the websites www.plexcorps.com, www.plexcoin.com, www.plexcoin.tech and all other websites that offer information provided by the defendants. The Facebook pages of these entities are also covered by the Order.

Read this next

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

“The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

<