The Canadian regional regulator, the British Columbia Securities Commission (BCSC) has added the Binary Uno binary options broker to its warning list.
According to the watchdog, the broker is not registered to trade in or advise on securities or exchange contracts in British Columbia, but has nevertheless solicited a resident of the province to invest with Binary Uno.
BCSC notes that the brokerage is operated by DOM Technology Services and claims to have an address in London.
According to its website, however, Binary Uno is owned and operated by Smart Choice Pro in Glasgow.
Binary Uno offers trading in pairs, long term, sixty seconds, one touch, ladder and forex binary options. It, however, does not provide any regulatory information.
Usually such binary options brokers are set up with the sole purpose of scamming people out of their money by promising them unrealistically big payouts, without much effort or investment knowledge. Whenever they get their clients on the hook, they reel them in and make off with their money.
Some regulators, like France’s AMF, are making significant efforts to limite the activities of binary options brokers in general, but the majority are simply issuing warnings.