The Canadian Securities Administrators, an umbrella group for regulators from each of the 10 provinces and 3 territories in Canada, has released new guidelines on the use of social media, advertising, and marketing by crypto exchanges.

This staff document was published in conjunction with the Investment Industry Regulatory Organization of Canada. It “provides guidance for [crypto trading platforms or CTPs] on how requirements under securities legislation1 and IIROC rules relating to advertising, marketing and the use of social media may apply to them.”

Notice takes aim at crypto exchanges’ use of gambling-style promotions and the type of advertisement they employ. It states:

We are concerned that some of these strategies may inappropriately encourage investors to engage in excessively risky trading, taking on risks that they would normally avoid […] we wish to remind CTPs that registered dealers have an important role as gatekeepers of the integrity of the capital markets. They shouldn’t, either by act or omission or otherwise, facilitate or engage in conduct that causes the market to be disreputed.

The new release follows Canada’s enforced rules against unregulated services. When the Ontario Securities Commission initiated an enforcement case against Poloniex, crypto exchange Poloniex was met with enthusiasm by regulators in Canada. Later that month, Binance declared that it will no longer be serving users in Ontario.

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