British Columbia’s watchdog warns against CentralOption binary options broker

British Columbia’s watchdog warns against CentralOption binary options broker

- in All News, Regulation
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Canada’s British Columbia Securities Commission (BCSC) warned the potential investors that the company Central Provider Ltd., operating the binary options broker CentralOption is not registered to trade in, or advise on, securities or exchange contracts in British Columbia. The regulator, however, became aware that Central Option was soliciting residents of the Canadian province to open an account with it.

According to UK’s Companies House registry the company operating the platform – Central Provided Ltd. is registered in the country and headquartered in London. It does not, however, appear in the Financial Services Register.

On its website CentralOption provides the same London address and an address on the Marshall Islands – an archipelago of coral atolls in the Pacific Ocean, but no regulatory information whatsoever. The broker offers trading in binary options, one touch options, 60 seconds options and long term options on currencies, commodities, indices and stocks.

Unlike the majority of other countries, Canada does not have a single national financial regulator, but each province has its own. Recently an umbrella organization, uniting several of the provincial regulators – the Canadian Securities Administrators (CSA) – issued a warning that there are no registered binary options brokers in the provinces and trading in binary options in Canada is practically illegal.

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