B.C. crypto firm ordered to pay $3.3M for misleading investors, illegal securities distribution
A Vancouver-based company that created and sold its own cryptocurrency has been ordered to pay more than $3.3 million to the B.C. Securities Commission (BCSC) after admitting it illegally distributed securities and misled investors.
NetCents Technology Inc. reached a settlement with the provincial financial markets regulator earlier this month over misconduct linked to the company’s launch of the “NetCents Coin” in 2017.
In a statement, the BCSC says the company sold the coin to approximately 500 investors in B.C. and elsewhere, raising more than $3.3 million without filing a prospectus — “a formal document providing details of an investment.”
“Without a prospectus, or an exemption from the prospectus requirement, NetCents illegally…
