The Ontario Securities Commission (OSC) has added Global Options Trade Inc to its list of companies not to do business with, according to a regulatory statement.
Global Options is the latest entity to be added to the OSC warning list and follows a growing number of recent complaints regarding forex and binary options firms.
Representatives of this company contacted Ontario residents by telephone, seeking investment funds to trade different asset classes through an online trading platform. However, this brand is not registered to sell securities in Ontario, or anywhere else in Canada, and have therefore failed to comply with provincial securities laws.
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“Global Options is phoning Ontarians and encouraging them to open online trading accounts. Neither this brand nor its representatives are registered in Ontario to solicit investments, provide brokerage services, or provide advice on investing in, or buying or selling securities or commodities,” said the OSC.
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Global Options states on its website that it has offices in Switzerland, the UK, California, and Costa Rica, but the company didn’t claim specific regulatory status at any of these jurisdictions.
A company’s registration status can be checked by using the Canadian Securities Administrators’ National Registration Search database at www.aretheyregistered.ca.
In its capacity as one of Canada’s provincial regulators, 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.