Canada’s BCSC warns against binary options broker BinexMarkets

Canada’s BCSC warns against binary options broker BinexMarkets

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The Canadian regulator British Columbia Securities Commission (BCSC) issued a warning against the Binexmarkets binary options broker. According to the publication, neither the broker, nor the companies, claiming to be associated with it – Vision Trading Advisors (VTA) and Vision Financial Partners, LLC – are regulated and allowed to trade in or advise on securities or exchange contracts in British Columbia.

“We became aware that Vision Trading Advisors (VTA), a firm that purports to be located in Fort Lauderdale, Florida, had contacted a British Columbia resident about opening an account with Binex Markets.  In that regard, VTA instructed the BC resident to send funds to the bank account of Vision Financial Partners, LLC”, notes the BCSC. 

The binary options broker Binexmarkets promises profit of up to 75%.

A check by SMN Weekly staff revealed that Binexmarkets is a brand of BNX Systems Ltd., a company with an address in London, registered with UK’s Companies House registrar in July 2015. Neither Binexmakrets, nor BNX Systems Ltd. Have been regulated by UK’s Financial Conduct Authority. The connection between the other two companies, mentioned by the BCSC – Vision Trading Advisors (VTA) or Vision Financial Partners, LLC – is not clear either. The latter two companies are not regulated by the FCA either.

Last week the BCSC added to its Investment caution list the binary options brokers: Option Orbit, LBinary, ZenithOptions and the equity firm Tain Capital.

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