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.
Pros and Cons of Being a BrokerGo to article >>
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.
CherryTrade is also unregulated by CySEC 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.