Canadian Securities Administrators warns of Union Bancaire Privée impersonation scam targeting crypto investors

The Canadian Securities Administrators has warned of an ongoing fraud in which scammers impersonate Swiss private bank and asset manager Union Bancaire Privée, UBP SA to extract fees from Canadian investors who lost money through fraudulent crypto-based platforms. Multiple incidents involve the unauthorized use of UBP’s name, logo and purported employee identities, including approaches linked to platforms previously flagged by CSA members such as Plusinvesting, Spotrade, CenexPro and Altercoin. Victims are told that UBP holds their lost investments in a temporary account and must receive upfront release or processing fees before returning the funds. Fraudsters use apparently official statements, transfer confirmations and payment notices, but no funds are released and further fees may be demanded. UBP has confirmed that it has no connection to the activity, does not hold investor accounts in this manner and does not charge fees to release funds. Investors should independently verify institutions and representatives, avoid unregistered platforms and reject unsolicited recovery offers requiring payment.