Disclaimer
Information, not advice
The guides on this site are general information about crypto-assets and blockchain technology. They are not financial, investment, legal or tax advice, and they cannot take account of your income, savings, debts or goals. A decision about crypto-assets is yours to make. If you want advice about your situation, speak with a qualified professional who is registered to give it, such as a registered adviser, a lawyer or an accountant, and ask them to explain how the rules apply to you.
What is not covered
According to the CDIC, OSFI and FCAC statement of 16 November 2022, crypto-assets are not eligible for deposit insurance under the Canada Deposit Insurance Corporation Act. The Canadian Investor Protection Fund, which offers limited protection for property held by a member firm if it becomes insolvent, says on its website (https://www.cipf.ca/) that crypto assets are not eligible client property. Do not assume that crypto-assets held anywhere are insured, and check the current position with the official bodies.
No endorsement
Blocknexus does not endorse, rate, rank or recommend any coin, token, exchange, wallet, platform, product or company, and any name that appears on this site appears only to explain a point. No page says that something is better, safer or cheaper than something else. No page promises a result. If you see a claim on another site that we endorse a product, it is false, and we ask you to tell us at [email protected].
Warning signs to watch for
Warning signs of an investment scam include promises of large gains with little or no risk, hot tips, pressure to act quickly, and unsolicited approaches by phone, text or social media, as the Competition Bureau and the Canadian Anti-Fraud Centre point out. Take extra care with someone met online who pushes you towards crypto-assets or a trading site. An offer to recover lost money for a fee may be another scam; use the authorities named in the legal notice instead.
Risks you should understand
Crypto-assets are high risk. Their value is volatile and can fall sharply and quickly, and you could lose all of your money. Payments in crypto-assets usually cannot be reversed, and a lost key or recovery phrase can mean the assets are gone for good. Promoters, platforms and projects can fail or turn out to be fraudulent. Only consider risks you fully understand, and never use money you need for daily living, rent or debts.
Check registration first
Check registration before you deal with a person or firm that offers crypto-related services. The National Registration Search at https://www.aretheyregistered.ca/ shows whether they are registered with Canadian securities regulators, and your provincial or territorial regulator can confirm what you find. Certain businesses must register with FINTRAC as well, and the public registry is at https://fintrac-canafe.canada.ca/msb-esm/reg-eng. Registration shows only that legal requirements are met; it is not a mark of safety, approval or endorsement.
What this site does not do
This is an information site and nothing more. Blocknexus is not a registered dealer, adviser, trading platform or money services business, so it takes no orders, runs no accounts, offers no wallet, and neither holds nor moves crypto-assets or money for anyone. No page tells you what to do with your money or promises a result. If you want a regulated service, find a registered firm and check its registration yourself before you share documents or money.