Ontario Securities Commission (OSC), one of the thirteen provincial financial regulators in Canada, has added the binary options broker OptionRally to its list of companies not to do business with, according to a regulatory statement.
OptionRally is regulated in Cyprus and Belize. The firm has been involved in one of the bigger sponsorship deals in the industry with the company’s logo appearing on Ferrari’s Formula 1 race cars. Finance Magnates reported on the broker earlier last week after it laid off 20 employees from its English desk located in Israel, which leaves the broker with almost no presence in the country.
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OSC has updated its blacklist of companies that are illegally conducting financial services targeting provincial residents to add TCM Investments Ltd. operating as Option Rally and doing business as www.optionrally.com. The firm 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.
In its capacity as one of Canada’s provincial regulators, the 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.