Roughly two weeks prior to its collapse, New Brunswick’s Financial and Consumer Services Commission issued a securities fraud warning against Beurax.
Unfortunately this one slipped under the radar until I came across it today.
According to the FCNB, back on February 24th they
recently became aware that BEURAX CORPORATION PTY LTD (BEURAX) is accepting New Brunswick clients.
BEURAX is not registered to solicit investments, nor trade in, or advise on, securities or derivatives in New Brunswick.
This is the equivalent of a securities fraud warning in other jurisdictions.
As prophesized by the FCNB;
There is no guarantee that the crypto-asset trading platform will have enough cash or crypto-assets available when you want to make a withdrawal and may refuse to redeem your investment proceeds.
This exact scenario played out six days later when Beurax collapsed.