Caution Investors CatalX CTS Ltd. – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
CatalX CTS Ltd. is a company that claims to offer a secure and compliant platform for trading cryptocurrencies and other digital assets in Canada. However, on January 18, 2024, the ASC issued a warning to the public that CatalX CTS Ltd. is not registered to issue, offer, or sell securities or derivatives in Alberta, and that it has not filed any reports or disclosures with the ASC as required by law. The ASC also advised investors to exercise caution when dealing with CatalX CTS Ltd. or any other unregistered company that offers securities or derivatives.
Regulation and Compliance:
The ASC is the regulatory agency responsible for overseeing the capital market in Alberta. It administers and enforces the Securities Act (Alberta) and the regulations and rules made under it. The ASC’s mandate is to protect investors from unfair, improper, or fraudulent practices, and to foster a fair and efficient capital market. The ASC requires that any company that issues, offers, or sells securities or derivatives in Alberta must be registered with the ASC, and must file periodic reports and disclosures with the ASC. These requirements are designed to ensure that investors have access to accurate and timely information about the company, its financial condition, its business activities, its risks, and its management.
Customer Reviews:
According to online reviews, CatalX CTS Ltd. has received mixed feedback from its customers. Some customers have praised the company for its user-friendly interface, its low fees, its fast transactions, and its customer service. However, some customers have complained about the company’s lack of transparency, its frequent technical glitches, its poor security measures, and its unresponsiveness to complaints. Some customers have also reported losing money due to unauthorized withdrawals, account freezes, price manipulation, and fraudulent charges.
Products and Services:
CatalX CTS Ltd. claims to offer a variety of products and services to its customers, such as:
– A platform for trading cryptocurrencies and other digital assets, such as Bitcoin, Ethereum, Litecoin, Ripple, and more.
– A wallet for storing and managing cryptocurrencies and other digital assets.
– A debit card for spending cryptocurrencies and other digital assets at merchants that accept them.
– A referral program for earning commissions by inviting others to join the platform.
– A loyalty program for earning rewards by trading on the platform.
Location of CatalX CTS Ltd:
States that it is based in Vancouver, British Columbia, Canada. However, the ASC warns that the company may not have a physical presence in Canada and that it may be operating from an offshore jurisdiction. The ASC also cautions that it may be difficult or impossible for investors to locate, contact, or sue the company in case of any disputes or problems.
Customer Service:
CatalX CTS Ltd. claims to provide 24/7 customer service via phone, email, and live chat. However, some customers have reported that the company’s customer service is unreliable, unprofessional, and unhelpful. Some customers have said that they have been unable to reach the company’s customer service representatives, or that they have been ignored, dismissed, or insulted by them. Some customers have also said that they have been given false or misleading information by the company’s customer service representatives.
Is Your Money Safe in an unregulated company?
The answer is no. Investing in an unregistered company that offers securities or derivatives is very risky and potentially illegal. You may lose all or part of your money if the company goes bankrupt, gets hacked, disappears, or engages in fraud. You may also face legal consequences if you violate any securities laws or regulations by investing in an unregistered company. You may not be able to recover your money or seek compensation from any regulatory authority or investor protection fund if you invest in an unregistered company.
Defensive Measures Against Fraudulent Brokers:
If you are interested in trading cryptocurrencies or other digital assets, you should do your due diligence before investing your money with any broker or platform. Here are some tips on how to protect yourself from fraudulent brokers:
– Check the registration status of the broker or platform with your local securities regulator. You can use the Canadian Securities Administrators’ National Registration Search tool to verify if a broker or platform is registered in your province or territory.
– Research the background and reputation of the broker or platform online. You can use online resources such as Google, Better Business Bureau, Trustpilot, and social media to find out more about the broker or platform’s history, performance, reviews, and complaints.
– Read the terms and conditions of the broker or platform carefully. You should understand the fees, risks, features, and limitations of the broker or platform before signing up or making any transactions.
– Avoid any broker or platform that promises unrealistic returns, guarantees profits, offers bonuses or incentives, or pressures you to invest quickly or urgently.
– Use a secure and reputable payment method when depositing or withdrawing money from the broker or platform. You should avoid using cash, wire transfers, gift cards, prepaid cards, or cryptocurrencies as payment methods, as they are difficult to trace and recover if something goes wrong.
– Keep your personal and financial information safe and confidential. You should never share your passwords, PINs, verification codes, account numbers, or other sensitive information with anyone, especially strangers or unsolicited callers. You should also use strong passwords and enable two-factor authentication for your online accounts.
Conclusion:
CatalX CTS Ltd. is an unregistered company that operates an online platform for trading cryptocurrencies and other digital assets. The ASC has issued a warning to the public that CatalX CTS Ltd. is not authorized to issue, offer, or sell securities or derivatives in Alberta, and that it has not filed any reports or disclosures with the ASC as required by law. The ASC has also advised investors to exercise caution when dealing with CatalX CTS Ltd. or any other unregistered company that offers securities or derivatives. Investing in an unregistered company is very risky and potentially illegal. You may lose all or part of your money if the company goes bankrupt, gets hacked, disappears, or engages in fraud. You may also face legal consequences if you violate any securities laws or regulations by investing in an unregistered company. You may not be able to recover your money or seek compensation from any regulatory authority or investor protection fund if you invest in an unregistered company. If you are interested in trading cryptocurrencies or other digital assets, you should do your due diligence before investing your money with any broker or platform. You should check the registration status of the broker or platform with your local securities regulator, research the background and reputation of the broker or platform online, read the terms and conditions of the broker or platform carefully, avoid any broker or platform that promises unrealistic returns, guarantees profits, offers bonuses or incentives, or pressures you to invest quickly or urgently, use a secure and reputable payment method when depositing or withdrawing money from the broker or platform, and keep your personal and financial information safe and confidential.
