On May 19, 2023, the Ontario Securities Commission (OSC) issued a warning against Paperbids, stating that this broker is not registered in Ontario to engage in the business of trading in securities: https://www.osc.ca/en/investors/warnings/paperbids-aka-paper-bids

Paperbids claims to be operated by BSC BSD LLC registered with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA) under registration number 2442 LLC 2022 and is licensed by Mwali International Services Authority (MISA) with License number T2022128. We searched the SVG FSA and the MISA registries for the company and found its registration with the former has been renounced and the latter remains active. However, both agencies thereof neither issue forex licenses nor regulate entities engaging in such activities. Therefore, Paperbids is not subject to any regulations in financial markets. In addition, the Ontario Securities Commission (OSC) has issued a warning against Paperbids, stating that this broker is not registered in Ontario to engage in the business of trading in securities.

In essence, Paperbids is not regulated by any governing body. Entrusting this broker with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. It is unequivocally a scam.

On June 13, 2023, the British Columbia Securities Commission (BCSC) issued a warning against Paperbids, stating that this broker is not registered to trade in, or advise on, securities or derivatives in BC: https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2023/paperbids.

On June 21, 2023, the Financial Industry Authority (CSSF) in Luxembourg issued a warning against Paperbids for carrying out fraudulent activities: https://www.cssf.lu/en/2023/06/warning-concerning-the-fraudulent-activities-carried-out-by-the-entity-paper-bids-website-www-paperbids-com/