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Investor Alert: Lova Crypto and CGWise Are Not Registered

Released on August 20, 2024

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities Lova Crypto and CGWise.

"Before investing, make sure you verify that entities offering investment opportunities are registered to do business in Saskatchewan through the Canadian Securities Administrators' database at aretheyregistered.ca," FCAA Securities Division Executive Director Dean Murrison said. "Verify registration status so you do not lose your hard-earned money." 

Lova Crypto and CGWise claim to offer Saskatchewan residents trading opportunities, including cryptocurrencies and forex.

Neither Lova Crypto nor CGWise is registered to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses. 

If you have invested with Lova Crypto, CGWise or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.

In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

Tips to protect yourself:

  • Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search at aretheyregistered.ca.
  • Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
  • Get a second opinion and seek professional advice about the investment.
  • Do not allow unknown or unverified individuals to remotely access your computer.

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For more information, contact: 

Lauren Caza
Financial and Consumer Affairs Authority
Regina
Phone: 306-787-5567
Email: lauren.caza@gov.sk.ca

 

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