Canada’s BCSC warns of DGI Market binaries brokerage

Canada’s BCSC warns of DGI Market binaries brokerage

- in All News, Featured News, Warnings
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Canada’s provincial regulator, the British Columbia Securities Commission (BCSC), has warned that the DGI Market binaries broker is not licensed to provide financial services in the province.

According to the regulator, the broker is based in Bulgaria, but nevertheless, a British Columbia resident has been able to open a trading account with DGI Market and trade on binaries.

“We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC,” the BCSC said.

As per the legislation in the Canadian province, options are considered securities and the company offering trading in them needs a license from the respective provincial regulator. Not long ago,  the Canadian Securities Administrators (CSA), an umbrella organization of Canada’s provincial and territorial securities regulators, said that there is not a single binaries broker licensed to offer its services in the country.

According to its website, DGI Markets is a Bulgarian binaries broker, but it does not provide neither an address, nor regulatory information. It is not listed in Bulgaria’s investment intermediaries registry maintained by the local regulator, the Financial Supervision Commission, either.

Instead, the broker provides a contact number in the UK. The website has versions in English and Russian.

It appears that DGI Markets is yet another unregulated binaries broker going after the money of the gullible “investors” and would most likely appear on other warning lists fairly soon.

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