By Government of Saskatchewan

Investor Alert: Impersonation Scam Uses Prime Minister Mark Carney’s Image And Fake Social Media Posts To Target Saskatchewan People

Aug 5, 2025 | 8:55 AM

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning Saskatchewan people of an impersonation scam on social media claiming that Prime Minister Mark Carney is endorsing an online investment platform called XBTDirect.

“Always check the registration status of an entity at aretheyregistered.ca before you invest, and do not deal with any unregistered entities,” FCAA Securities Division Executive Director Dean Murrison said. “Scammers often create fake social media posts claiming a notable figure is endorsing an investment.”

XBTDirect claims to operate a cryptocurrency exchange platform and offers Saskatchewan residents trading opportunities in cryptocurrencies via leverage trading and cryptocurrency pairs.

This alert applies to the online entity using the website “xbt-direct net” (this URL has been manually altered so as not to be interactive).

XBTDirect is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.

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If you have invested with XBTDirect, or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

Tips to protect yourself:

• Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
• Know exactly what you are investing in. Make sure you understand how the investment, product or service works.
• Get a second opinion and seek professional advice about the investment.
• Do not allow unknown or unverified individuals to remotely access your computer.
• Never make an investment decision based on a notable figure endorsement. Scammers often create fake social media posts or news articles claiming an investment is endorsed by a notable figure.