The Ontario Securities Commission (OSC) financial regulator has added to its warning list the companies Bloombex Ltd. and Pilpel Capital Ltd. Both are doing business as the binary options broker Bloombex Options through the website bloombex-options.com and have a business address in London. They also offer an affiliate program through the website bloombex-partners.com. A check in the register of UK’s regulator FCA, however, does not find such companies licensed in the UK.
The OSC warns that neither company is registered in Ontario to engage in the business of trading in securities or advising anyone on investing in, buying or selling securities. The Commission also advises investors to be wary of the potential risks of doing business with an unregulated financial entity.
On its website Bloombex Options claims it is the leading binary options trading platform and has more than 100 000 clients. It offers binary options on forex, stocks, commodities and indices. It, however, does not provide any regulatory information. In the comments section of the platform’s Android mobile app, numerous clients complain that they cannot withdraw their funds, the company does not reply to their emails and calls and warn investors that this could be a scam.
Bloombex Options has been in the sights of various financial regulators at least since last spring, when Italy’s CONSOB warned that Bloombex is not licensed to attract clients from Italy. In the autumn Cyprus’ CySEC also informed that Pilpel Capital Ltd., operating through bloombex-options.com is not permitted to provide investment and ancillary services in Cyprus, nor has been regulated by the Commission.
Most recently, Switzerland’s financial watchdog FINMA also warned that Bloombex Online is not permitted to do business with Swiss residents.