The Canadian regional regulator, Ontario Securities Commission (OSC), has published a warning that the binary options broker MaxOptions is not authorized to provide its services in the province.
According to the publication of OSC, the brand is owned by the company Tech Plex Ltd. And operates on the site www.maxoptions.com.
An SMN check on the broker’s website found that it does not provide much information about itself, besides that it is running on the SpotOption platform. There is some vague information that its headquarters are in Singapore and several customer support numbers – in Australia, Canada, the UK and New Zealand. In the small print at the bottom of the page is given the name of Changecapital SM Ltd., with an address in London, as a “servicing company”. There is not a single word about regulation, however.
Comments on several forums suggest that MaxOptions has been around for at least a year and has been scamming people out of their money using the usual tactics of cold calling people and cajoling them to deposit, then deposit some more and continue trading. The broker has already appeared in a warning of the Australian Securities and Investments Commission (ASIC) this June.
Less than a month ago the OSC has issued a warning against three other unregulated binaries brokers OptionRidge, WinOptions and BigOptions.
In spite the warnings and reports of national and international regulators, like the ESMA, unregulated binary options continue to do their business undisturbed, preying on unsuspecting ordinary people by promising them fantastic returns.