Canadian provincial regulator, the Manitoba Securities Commission (MSC), has issued an alert, warning the public against investing with unregistered binary options broker B4Binary.
The brokerage, which operates online at www.b4binary.com and is owned and operated by SG 55 Ltd, Building 3, City West Business Park, Gelderd Road Leeds, West Yorkshire, UK, provides investors and traders with the opportunity to trade stocks, currency pairs, commodities and indices on the exotic options market.
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B4Binary is, however, not registered to sell securities in Manitoba, or anywhere else in Canada, and has therefore failed to comply with provincial securities laws.
In its capacity as one of Canada’s provincial regulators, the Manitoba Securities Commission seeks to protect investors while promoting fair and efficient capital markets throughout the province. B4Binary is the latest binary options broker to be added to its warning list and follows a growing number of complaints regarding binary option firms, including the recent addition of PWR Trade and Ivory Option as reported By Finance Magnates last month.
According to recent figures revealed by the MSC, Manitobans has so far lost over $160,000 this year to unregistered, offshore binary options brokers trading under a variety of names, adding that losses are likely to be higher due to unreported cases.