A shadowy cryptocurrency investment outfit has been added to Canada's securities fraud watchlist, marking the latest crackdown against a scheme already flagged by regulators across the globe.
The Ontario Securities Commission placed Mining City on its warning list December 14th, concluding the company operates illegally in the province. Mining City offers investment services through its website but holds no registration to trade securities in Ontario—a red flag regulators use to identify unregistered operators.
Behind the operation sits Eyal Avramovich, who owns the company but keeps his distance from daily operations. The outfit runs from Poland under Gregory Rogowski, Avramovich's former employee who now acts as the public face of the business.
The fraud allegations aren't new. In October, the Philippine Securities and Exchange Commission banned Mining City outright, confirming what investigators suspected: the company was running both a securities fraud scheme and an outright Ponzi operation. The Filipino regulator's initial warning came September 10th, the same month web traffic to Mining City's site began tanking.
Traffic data from Alexa tracking shows a sharp decline starting mid-September, coinciding precisely with the Philippines warning. The drop offers hard evidence that regulators are succeeding in cutting off the company's flow of new victims.
Despite the crackdowns, Mining City maintains active operations in three countries: South Africa, Japan and Argentina. Web traffic data indicates these regions currently represent the company's primary hunting grounds for investors.
The Ontario move represents another layer of protection for Canadian residents, though it comes months after the scheme faced scrutiny abroad. Regulators in multiple jurisdictions have now clearly stated Mining City is not legitimate. Anyone approached by the company or its representatives should treat the offer as what it is: a con designed to separate people from their money.
🤖 Quick Answer
What action did the Ontario Securities Commission take against Mining City?The Ontario Securities Commission added Mining City to its securities fraud watchlist on December 14th, concluding the company operates illegally in Ontario. The decision stemmed from Mining City's offering of investment services without proper registration to trade securities in the province.
Who are the key figures behind Mining City's operations?
Eyal Avramovich owns Mining City but maintains distance from daily operations. Gregory Rogowski, Avramovich's former employee, serves as the public face of the business and manages operations from Poland.
Why was Mining City flagged by Canadian regulators?
Mining City offers investment services through its website but lacks registration to trade securities in Ontario. Operating without proper regulatory authorization represents a critical indicator used to identify unregistered investment operators.
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