Manitoba Securities Commission (MSC), one of the thirteen provincial financial regulators in Canada, has added two binary options brokers to its list of companies not to do business with, according to a regulatory statement.
PWR Trade, a brand operated by GN Capital, allegedly operating out of the Marshall Islands, and GN Management, allegedly operating out of Sofia, Bulgaria, is the latest company to be added to the MSC warning list. The suspected binary options brokers are doing business as www.pwrtrade.com.
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MSC has also updated its blacklist of companies that are illegally conducting financial services targeting provincial residents to add Ivory Option, a brand operated by Arya Group Ltd., allegedly operating out of London and Sofia. This follows a growing number of recent complaints regarding forex and binary options firms.
A brief review of the two brokers’ websites reveals that they offer trading facilities on a wide range of financial instruments, ranging from foreign exchange to binary options. However, neither firm claims a specific regulatory status in any jurisdiction.
In its capacity as one of Canada’s provincial regulators, MSC 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.