- Saskatchewan Premier Scott Moe warns residents about cryptocurrency Scams falsely using his image to endorse trading platforms.
- Neither CanCap nor BitCan are registered with Saskatchewan’s financial authority, a requirement for legitimate investment operations.
- Authorities advise investors to verify registration status and seek professional guidance before making cryptocurrency investments.
Saskatchewan residents are being cautioned against cryptocurrency investment scams that falsely claim endorsement from their provincial leader. Scott Moe, Premier of Saskatchewan, issued a public warning on March 14 about fraudulent schemes misappropriating his identity to promote unregistered crypto trading platforms.
The Premier addressed the deceptive marketing tactics through social media, specifically targeting fraudulent operations known as CanCap and BitCan that have been creating fake news articles featuring his likeness. “Please don’t fall for this. You will never see me endorsing crypto or any specific investment,” Moe stated firmly in his announcement.
Saskatchewan’s Financial and Consumer Affairs Authority (FCAA) has reinforced the Premier’s warning with their own public advisory. The regulatory body emphasized that neither CanCap nor BitCan possess the mandatory provincial registration required to operate legitimately in Saskatchewan’s investment sector. The FCAA also clarified that CanCap should not be confused with CanCap Group, which is a legitimate Canadian financial services provider.
The regulatory warning comes amid increasing sophistication in cryptocurrency-related fraud schemes that often target less-informed investors. Fraudsters have expanded their tactics to include impersonating government officials and public figures through manipulated images and fabricated endorsements on social media and fake news websites.
For protection against such scams, the FCAA recommends several precautionary measures. Potential investors should verify that any investment company is properly registered with Saskatchewan authorities, develop a clear understanding of the investment product, consult professional financial advisors, and never permit remote computer access to unverified individuals.
Victims who have already invested funds with these fraudulent operations are encouraged to contact the FCAA’s Securities Division at 306-787-5936 for assistance. The increase in cryptocurrency scams highlights the importance of due diligence in digital financial markets, especially for speculative assets like cryptocurrencies.
The initial warning was published on March 14, 2025, according to The Canadian Press report. Saskatchewan’s proactive approach demonstrates how provincial authorities are responding to emerging threats in the rapidly evolving cryptocurrency landscape.
For those interested in learning more about related consumer protection efforts, additional information is available about Canada-prepares-forceful/” data-wpel-link=”internal”>Canada’s broader regulatory preparations and class action initiatives in the financial consumer protection space.
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