Crypto-related fraud is booming in Canada as fraudsters are increasingly using AI tools to use them, according to the Ontario Securities Commission.
Canada’s top securities watchdog has alarmed a wave of crypto fraud, saying that scammers are currently using smooth artificial intelligence deepfakes and fake trading platforms to trick investors and steal money.
Grant Vingo, CEO of the Ontario Securities Commission, said at the annual event Thursday that he is in an environment where there are “scams, more scams, more insider trading and more corruption.”
Vingoe said, “The unpredictability of the geopolitical environment led to a wider instability as it leads to an environment where people find their place for the wrong thing. In 2024 alone, victims reported losses of nearly $640 million for each data from Canada’s anti-flood centres.
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Bonnie Lisich, now Vice President of Executive at OSC, said the committee hopes to focus on “shocking cases,” adding that the committee “want to introduce additional strategies to disrupt those who harm investors first.”
Canada began closing crypto-related regulations in February 2023, when Canadian securities managers required that all crypto trading platforms operating within the country sign legally binding registered businesses. This has come in addition to existing restrictions, such as a ban on offering margin transactions to Canadian users.
Because CSA considers some stubcoins to be securities or derivatives, exchanges are also prohibited from offering stablecoins or value-added cryptography through contracts without prior approval, and many cryptographic platforms challenge them to follow.
read more: What does Mark Kearney think about the code, designated by the new Canadian Prime Minister?
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