Canada’s BCSC Warns of Binary Options Brokers BSDOption and BinaryOnline

The British Columbia Securities Commission (BCSC), one of Canada’s thirteen provincial financial regulators, has added a further two binary options brokerages to its Investor Caution List, once again raising the flag on an industry that continues to incur the wrath of the world's regulators.

The Canadian watchdog last warned investors against binary options firms Prime Brokerz and Crown Managers in October for soliciting their services to the BC public while unauthorised to do so. This time another two brokers BSDOption and BinaryOnline have come under the regulator’s scrutiny.

BSDOption

BSDOption is operated by Lybss Ltd and owned by YDBM Ltd, a binary options brokerage based in Liverpool, England. The firm operates via url: www.bsdoption.com, and offers trading on 200 tradable assets, including currencies, commodities, stocks and indices.

The BCSC recently became aware of BSDOption when a local resident was able to open a trading account with the brokerage when it is not registered to trade in, or advise on, securities or Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term contracts in BC.

On further investigation into this company’s website, Finance Magnates did not find any evidence of any other Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, notably the FCA which oversees UK financial entities.

BinaryOnline

The second brokerage to be flagged by the BCSC is BinaryOnline which is owned and operated by Zola Ltd. Operating an online platform via www.binaryonline.com, BinaryOnline claims to be a binary options trading brokerage based in Sofia, Bulgaria - another apparently unregulated broker that had also come under the BCSC’s watchful eye after it became aware, as with BSDOption, that a BC resident was able to open a trading account with the company.

Background

The BCSC is the independent provincial government agency responsible for regulating capital markets in British Columbia. Its Investor Caution List contains individuals and companies that appear to be engaging in activities that may pose a risk to investors.

As with all brokers included on the list that are not registered to trade in and advise on securities or exchange contracts in BC, the Canadian watchdog has warned that trading with these brokers may present a risk to investors and has therefore urged the public to be highly cautious when dealing with them.