Unregistered Service Providers

A cryptocurrency service provider is any platform or individual that facilitates the buying, selling, trading, or custody of digital assets on your behalf. In Canada, these businesses are required by law to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with securities regulations overseen by the Canadian Securities Administrators (CSA).

An unregistered service provider operates without this oversight. There are no regulatory requirements around how your funds are held, no mandatory security standards, no investor protection mechanisms, and no recourse if something goes wrong. Some unregistered providers are simply non-compliant. Others are deliberately fraudulent operations designed to attract deposits before disappearing.

When you use a registered crypto platform like Ndax, you benefit from mandatory security standards, anti-money laundering protections, Know Your Customer (KYC) requirements, regulatory oversight, legal recourse if the platform acts improperly, and transparent reporting requirements. None of these protections exist with an unregistered provider.

Unregistered Exchanges — Platforms that facilitate crypto trading without being registered with FINTRAC or compliant with CSA requirements.

Unlicensed Investment Advisors — Individuals or groups offering crypto investment advice or portfolio management without required regulatory licences.

Peer-to-Peer Platforms Without Oversight — Informal trading arrangements with no regulatory compliance or investor protections.

Offshore Platforms Targeting Canadians — Platforms based in other jurisdictions that actively solicit Canadian investors without being registered to operate here.

Fake Registered Platforms — Fraudulent platforms that falsely claim to be registered or display fake regulatory credentials.

• The platform can't provide verifiable registration details or licence numbers
• The platform isn't listed in the FINTRAC registry or the CSA's list of registered crypto asset trading platforms
• The platform is based offshore but actively targets Canadian users without disclosing its regulatory status
• There's no clear information about how your funds are held or protected
• No verifiable physical address, legal entity, or publicly identifiable leadership team
• Customer support is evasive about the platform's regulatory status
• The platform discourages questions about registration or compliance

Example: You find a crypto trading platform through social media, offering lower fees and higher returns. It looks professional and accepts deposits easily. When you try to withdraw several weeks later, support becomes unresponsive. The platform has no FINTRAC or CSA registration — and there's no regulatory body to turn to for help.

• FINTRAC registry: fintrac-canafe.canada.ca/msb-esm/reg-eng
• CSA registered crypto platforms list: info.securities-administrators.ca
• CSA alerts: Review the CSA's published alerts about unregistered platforms targeting Canadians before using any new service
• Independent verification: Search the platform's legal entity name, registration number, and leadership through independent sources

Ndax is registered with FINTRAC and fully compliant with Canadian securities regulations. You can verify our registration directly through the FINTRAC registry.

• Always verify registration before depositing funds on any crypto platform
• Use Canadian-registered platforms wherever possible
• Be sceptical of platforms offering significantly better rates than established exchanges — this is often a sign something is wrong
• Consult a licensed financial advisor before using any new crypto service
• Report suspicious platforms to help protect other Canadian investors

Don't send funds or share personal information — including identity documents or financial details. Verify its registration status through FINTRAC and the CSA. Report it and contact Ndax support if the platform appeared to be associated with or endorsed by Ndax.

Attempt to withdraw your funds through the platform’s official channels, but do not send additional funds to unlock withdrawals, pay taxes, verify your account, or recover your balance. Stop using the platform and document everything.

Save transaction records, wallet addresses, communications, URLs, registration claims, account dashboards, promotional materials, and the names or profiles of anyone involved.

If you transferred crypto from your Ndax account, contact [email protected] right away. Cryptocurrency transfers are generally irreversible, but your report may help us review the activity and protect other users.

If fiat funds, bank transfers, credit cards, debit cards, or payment services were used, notify the financial institution where the funds originated.

• Report to Ndax at [email protected] if your Ndax account was involved or crypto was transferred from your Ndax account
• Report to the CAFC at antifraudcentre.ca
• Report to the RCMP at reportcyberandfraud.canada.ca
• Notify the financial institution where the funds originated, such as your bank, card provider, or payment service provider
• Report fake profiles directly through the relevant social media, messaging, or dating platform