Canadian OSC Adds CherryTrade To Its Warning List

Ontario Securities Commission (OSC), one of the thirteen Canadian provincial regulators, has issued a warning to traders about binary options broker CherryTrade.

The warning, issued against Flowingstream Capital Ltd, operating as Cherrytrade.com and Website Promotions Ltd, operating as CherryTrade, is the latest addition to the list of warnings made by the watchdog regarding companies that are offering unauthorized binary options trading in Canada. Binary options broker Bloombex Options was also recently added to the OSC’s warning list.

According to the OSC, Cherrytrade.com is located in London, UK and Website Promotions Ltd is located in Anguilla, BWI. They are not registered in Ontario, Canada to engage in the business of trading in securities or advising anyone with respect to investing in, buying or selling securities.

As a regulatory body, the OSC’s aim is to protect investors and foster fair and efficient markets by making and monitoring Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with rules governing the securities industry in Ontario in order to prevent misconduct and maintain the integrity of the markets.

CherryTrade is also unregulated by CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term and is, therefore, not legally permitted to provide investment and related services in Cyprus or the European Union.

Although no specific details have been released relating to the OSC’s warning, the list contains individuals and companies that appear to be engaging in activities that may pose a risk to investors and urges investors to be cautious about these individuals and companies.