The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has once again taken action this week against a provincial binary options provider, this time against RTG Direct Trading Group, according to an FCAA statement.
Earlier this week, the FCAA issued a cease trade order against the binary brand RBOptions and its Marshal Islands operating firm, Zulutoys Limited. The regulator had warned that the two entities were unauthorized to offer binary options to residents of the province. In addition, the FCAA noted Zulutoys and RBOptions appeared to be engaging in the business of trading with and soliciting local investors without the obligatory registration.
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The latest crackdown of unregistered sellers of binary options has seen a cease trading order against RTG Direct Trading Group Ltd. and RTG Direct Trading Limited. The order stipulates a cessation of all trading of securities by RTG Direct Trading Group Ltd. and RTG Direct Trading Limited up to September 11, 2015, with the possibility of an extended order if deemed necessary.
Both RTG Direct Trading Group Ltd. and RTG Direct Trading Limited have been soliciting investors for binary options in Saskatchewan without the requisite registration, which prompted action from the FCAA given its violation of provincial securities laws.
According to FCAA’s enforcement Branch Deputy Director, Ed Rodonets, in a recent statement on the order, “We’re seeing a definite increase in attempts by unregistered companies to solicit Saskatchewan residents. The first thing Saskatchewan residents need to do if they receive unsolicited calls or are approached online by offshore investment companies is check to see if those companies are registered to do business in Saskatchewan.”