The Ontario Securities Commission is gathering information on several cryptocurrency trading platforms after it received a number of complaints.
The regulator says the platforms, and any businesses that allow cryptocurrencies that are securities to trade on them, may be offside securities laws.
It says any platform that offers this type of trading must determine whether it is a marketplace. Marketplaces are required to comply with the rules governing exchanges or alternative trading systems.
The regulator says to date, none have been recognized as an exchange, or exempted from recognition.
The move by the Ontario regulator comes amid the rise of initial coin offerings, which may be used by companies as an alternative way to raise money.
With little regulation, initial coin offerings have raised worries about possible financial scams.