The latest binary options broker to come under the radar of Canadian regulators is Imperial Options. Binary options trading in Canada is only allowed if the company providing it is registered as a financial services provider.
Stringent capital requirements and a contribution to the deposits guarantee scheme are basically shutting down any broker willing to operate in the country from being able to offer binary options trading legally.
In its announcement, the British Colombia regulator highlights that a resident of the Canadian province under its jurisdiction has opened a trading account with the firm against all odds. Cases in which binary options providers have been operating unlawfully on the Canadian market are numerous.
FBS Receives Best Forex Broker Europe 2019 Award by The European MagazineGo to article >>
The regulator highlights in its announcement that the company operating Imperial Options is not registered in British Colombia and cautions residents of the Canadian province against doing business with the company and to maintain vigilance when dealing with companies which are not registered to offer financial services in the country.
The frequency of these announcements is not doing the binary options industry any good. All operators who provide services in regulated markets are ultimately going to get focused on by regulators.
Every warning against a given company also is damaging to the product, since it is constantly being associated with an unlicensed and unregulated activity related to financial markets.