Canadian Regulator OSC Warns Against MaxOptions
- The binary options broker was also exposed by the Australian watchdog ASIC last month.
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.
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 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 Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) 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.
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.
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 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 Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) 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.