Canada’s regulators warn of offshore CFDs broker NovaTech after withdrawals frozen
The Canadian Securities Administrators (CSA) is warning the public that NovaTech Ltd, a St Vincent and Grenadines incorporated company which operates the website www.novatechfx.com, is not registered with a securities regulator in any province or territory in Canada. This means they are not authorized to offer trading in any securities or derivatives to anyone located in Canada.
NovaTech may be operating in breach of provincial and territorial securities and derivatives law, including provisions related to unregulated trading and the illegal distribution of securities. NovaTech appears to offer investment products and trading services through its website.
The CSA noted that on February 5, 2023, NovaTech announced a temporary freeze in trading account withdrawals for a period of 60 days.
NovaTech is run by CEO Cynthia Petion and COO Eddy Petion, who seem to operate NovaTech from the US.
On March 2, 2023, the Capital Markets Tribunal (Ontario) extended a cease trade order issued by the Ontario Securities Commission, which requires, among other things, that NovaTech temporarily ceases all trading in any securities.
Anyone trading securities or derivatives or providing investment advice in relation to securities and derivatives in Canada, including platforms that facilitate the trading of products based on forex and crypto assets, must comply with applicable securities or derivatives legislation. Investors should always check the registration of any person or business trying to sell them an investment or give them investment advice.
Canadian investors who have been approached by NovaTech or purchased its investment products can contact their provincial or territorial securities regulator.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
March 23, 2023 @ 10:19 pm
I wish that you people would acquire and understand the true facts about NovaTech instead of just spewing your vile in order to destroy it. NovaTech does not operate in the United States. I temporarily paused trading in the trading accounts so that it could correct some internal issues. The main one being that the Canadian regulatory agencies hate it. Members are still able to withdraw funds from their bonus accounts. I know because I just received one on Monday.
March 26, 2023 @ 8:31 pm
NovaTech is a scam operation which has, effectively, ceased trading. The latest ruses are that 1. Victims will be able to begin making withdrawals again from next Sunday – April 1st (a.k.a. April Fool’s Day) and 2. That victims will soon begin receiving Omnipay debit cards enabling them to begin making withdrawals again from atm machines. Omnipay is a non-banking Company based in Makati City and authorised by Filipino regulators to issue PREPAID debit cards
September 22, 2023 @ 5:06 am
Novatech canceled plans to issue 3rd Party Debit Cards a couple of years ago. Not sure what you are talking about pertaining to Omnipay cards….