One of the thirteen Canadian provincial regulators, the Ontario Securities Commission (OSC) has issued a warning to investors about binary options broker Bloombex Options.
The warning, issued to Bloombex Ltd., and Pilpel Capital Ltd., which are operating as Bloombex Options, is the latest addition to the list of warnings made by the watchdog regarding companies that are offering unauthorized binary options trading in Canada.
According to the OSC, Bloombex Options is not registered in Ontario, Canada and is not regulated as a financial intermediary which in theory would permit the company to engage in providing financial services in Canada.
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As a regulatory body, the OSC’s aim is to protect investors and foster fair and efficient markets by making and monitoring compliance with rules governing the securities industry in Ontario in order to prevent misconduct and maintain the integrity of the markets.
The OSC warning follows a similar warning against Bloombex Options issued by CySEC in September 2015 as reported by Finance Magnates. Bloombex Options is not authorised or regulated by CySEC and is, therefore, not legally permitted to provide investment and related services in Cyprus or the European Union.
Bloombex Options does not claim to be regulated in any jurisdiction but provides its services to clients outside Europe who require licensing. The company’s website claims that the firm’s head office is located in the United Kingdom.
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.