Canadian Regulator Warns Residents Against Option500 and Boss Capital
9th of June 2017
The Manitoba Securities Commission (MSC) has warned residents against getting involved with Option500 and Boss Capital. The two binary options outfits are not registered, and are therefore not allowed to provide their services within this Canadian province.
The information was revealed through a regulatory statement by the financial watchdog. In fact, neither of the two binary options companies has the authority to provide their services anywhere in Canada.
However, each provincial territory the country has autonomous laws that allow it to regulate the financial bodies within its territory independent of other regions in the country. At the moment, only MSC has taken the step to blacklist them and make the public wary of any dealings they have with them.
Option500 is owned by Options Solutions Online Limited. The company owns the domain name www.option500.com. In addition to providing binary options trading services, Option500 also gives customers a chance to trade in stocks, currencies, commodities, as well as indices.
But in providing its binary options trading services in Manitoba without regional authorization, it has been in direct violation of the province’s laws. It is for this reason the broker has found itself on the regulator’s warning list.
Boss Capital is another company that is not registered to operate in this Canadian province, which effectively makes its services unauthorized. In the eyes of the MSC, this company is also a danger to local investors because the laws it violates are intended to protect residents from potentially dangerous financial industry operators.
Like Option500, Boss Capital got flagged for providing unauthorized financial services. This company should not provide trading and financial advisory services in Manitoba like it currently does.
Binary options scams have left many jurisdictions very wary of the damage binary options operators could do to unsuspecting residents. For this reason, the industry has been under special negative scrutiny for quite a while, with some countries deeming the industry too dangerous and putting an end to it altogether.
Canada has not been any less vigilant in its pursuit of potentially risky binary options operators. This is especially because many of them are ever persistent in their desire to go back where they have been asked to leave by opening fake websites and posting false claims about their regulatory standing.
The MSC has the mandate of keeping the industry in check and its operators in line. It’s overall goal is to make sure that investors are protected, and that the market is fair and safe for all parties. Clearly, giving unregistered binary options firms with questionable claims to legitimacy free reign to operate as they wish does not help fulfill this goal.
It should therefore come as no surprise that the country as a whole has put together the Binary Options Task Force and a common administrative body, CSA (Canadian Securities Administration), to keep the public informed about dangerous financial operators.
As with other jurisdictions, the decision to form these bodies came after several complaints were launched by citizens who had been negatively affected while dealing with unscrupulous binary options operators.