The British Columbia Securities Commission (BCSC) has earlier this week updated its Investment Caution List, with the latest addition being OptiCrown, a binary options broker offering its services via www.opticrown.com.
The regulator is concerned that the broker is not registered to trade in, or advise on, securities or exchange contracts in British Columbia. For that matter, let’s note that binary options are treated as securities in this Canadian province.
In the face of the lack of proper authorization, OptiCrown is targeting residents of British Columbia, the regulator says in its warning. At least one resident was able to open an account with the broker.
The warning from the British Columbia regulator comes about two months after OptiCrown drew the attention of the Ontario Securities Commission (OSC), which also warned the public that the broker is not authorized to offer investment services to residents of the Canadian province.
OTC binary options trading is permitted in Canada, as long as the company willing to target residents of a given province obtains the necessary authorization from the respective regulators.
To view the warning on the BCSC’s website, click here.