RCMP also encourage you to be aware of Initial Coin Offerings. While there are frequently ICO’s (there are currently over 10,000 different cryptocurrencies) some of which are simply scams, according to police.

Mountie note there are a number of reputable Canadian based exchanges, as well as International based exchanges, but there are also some that are outright scams. Do not trust everything you see on the internet. If something feels off about the company or exchange, look into it more before trusting them with money.

“We put hours of research into a new TV, holiday destination or new car. If you are going to trust a company with potentially thousands of dollars, treat it the same as buying a car. Read up on the exchange, the cryptocurrency you are buying and in general, educate yourself about what you are doing before committing to it,” reads a release from Red Deer RCMP.

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