An announcement by the Autorité des marchés financiers (the “AMF”), regulating Canadian province Québec, has outlined some changes to the list of companies offering online trading of binary options within its jurisdiction.
The regulatory body has warned the public against dealing with the Gibraltar incorporated company, Old Square Holdings Inc, operating the website amberoptions.com. Residents of Quebec should avoid trading via the above mentioned website as the regulator has updated its list to include all companies identified by the AMF as unauthorized to provide their services.
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Canadian regulators have identified binary options providers as entities who need licensing and regulation within the country, in order to operate. An authorized entity, providing legally binary options trading services for Canadian customers would be US-based NADEX, which is regulated under the U.S. CFTC as a binary options exchange.
The Canadian regulator highlights that offering investment services or products, whether on the Internet, from an electronic platform or in person, is a regulated activity. Any person or company offering investments must be registered with the AMF. Furthermore, the AMF must approve any company that creates or markets derivatives and authorize the marketing of those derivatives.
Back in July, the AMF already published a list of the unregulated entities. Following is the full list of companies which are not authorized to provide binary options trading services within the jurisdiction of the Quebec AMF: