Ontario Securities Commission (OSC), one of the thirteen provincial financial regulators in Canada, has added the binary options broker Tech Plex Ltd., operating as MaxOptions, to its list of companies not to do business with, as per an official statement.
MaxOptions, which operates through SpotOption platform, is the latest entity to be added to the OSC warning list and follows a growing number of recent complaints regarding binary option firms.
According to the OSC, Tech Plex Ltd., operating as MaxOptions and doing business through its website www.maxoptions.com, is not registered in Ontario to engage in the business of trading in securities or advising anyone with respect to investing in, buying or selling securities.
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A brief review of the broker website reveals that MaxOptions lists its headquarter address in Singapore, and in the ‘Contact Us’ section it makes reference to other global offices including Australia, Canada, the UK and New Zealand. However, the company didn’t claim any specific regulatory status in these jurisdictions.
This is not the first time that MaxOptions has been red-flagged for soliciting traders without regulatory permissions. Earlier in June, the Australian Securities and Exchange Commission (ASIC) issued a warning against 8 unauthorized binary options companies in which MaxOptions also appeared.
In its capacity as one of Canada’s provincial regulators, OSC seeks to protect investors while promoting fair and efficient capital markets throughout the province. The regulator website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorized activities.