Caution Investors Fintoch App – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
Fintoch App is a mobile application that claims to provide users with access to various financial services, such as trading, investing, lending, and borrowing. The app also claims to use blockchain technology and smart contracts to facilitate transactions and ensure security. However, the Alberta Securities Commission (ASC) has issued a warning about Fintoch App and its related website, ftcchain.org, stating that they are not registered to trade in or advise on securities or derivatives in Alberta.
Regulation and Compliance:
According to the ASC, Fintoch App and ftcchain.org may be operating in violation of Alberta securities laws, which require any person or company that engages in the business of trading in or advising on securities or derivatives to be registered with the ASC. Registration helps protect investors by ensuring that the registrants meet certain standards of proficiency, solvency, and integrity. The ASC also requires issuers of securities or derivatives to file a prospectus or an exemption document that discloses material information about the issuer and the securities or derivatives being offered. This helps investors make informed decisions and assess the risks involved.
The ASC advises investors to exercise caution when dealing with Fintoch App and ftcchain.org, as they may be involved in fraudulent or illegal activities. The ASC also urges investors to check the registration status of any person or company offering securities or derivatives using the National Registration Search tool at www.aretheyregistered.ca.
Customer Reviews:
Fintoch App and ftcchain.org have received mixed reviews from customers online. Some customers have praised the app for its convenience, functionality, and profitability. However, some customers have complained about the app’s lack of transparency, reliability, and customer service. Some customers have also reported losing money or being unable to withdraw their funds from the app. Some customers have even claimed that the app is a scam and warned others to stay away from it.
Products and Services:
Fintoch App claims to offer a variety of financial services, such as:
– Trading: The app claims to allow users to trade various assets, such as cryptocurrencies, stocks, commodities, and forex, using advanced algorithms and artificial intelligence. The app also claims to offer low fees, high leverage, and fast execution.
– Investing: The app claims to allow users to invest in various projects, such as startups, real estate, and social impact initiatives, using blockchain technology and smart contracts. The app also claims to offer high returns, low risk, and social impact.
– Lending: The app claims to allow users to lend their assets to other users or platforms and earn interest. The app also claims to offer flexible terms, low-interest rates, and collateral protection.
– Borrowing: The app claims to allow users to borrow assets from other users or platforms using their own assets as collateral. The app also claims to offer instant approval, low-interest rates, and no credit checks.
Location:
Fintoch App does not disclose its physical location or contact information on its website or app. The only way to contact the app is through an online form or an email address. The app’s website domain name was registered on June 23, 2023, using a privacy protection service that hides the identity and location of the registrant.
Customer Service:
Fintoch App does not provide adequate customer service or support to its users. Many customers have reported that the app’s customer service is unresponsive, rude, or nonexistent. Many customers have also reported that the app does not honor its promises or terms and conditions. Some customers have even reported that the app has blocked their accounts or deleted their data without explanation.
Conclusion:
Fintoch App is a mobile application that claims to provide users with access to various financial services using blockchain technology and smart contracts. However, the app is not registered with the ASC and may be operating in violation of Alberta securities laws. The app also has received mixed reviews from customers online, with some customers reporting positive experiences and some customers reporting negative experiences. The app does not disclose its location or contact information and does not provide adequate customer service or support. Therefore, investors should exercise caution when dealing with Fintoch App and ftcchain.org and check their registration status before investing.
