Canada’s OSC orders RBOptions to cease trading

Canada’s OSC orders RBOptions to cease trading

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Canada’s provincial regulator, the Ontario Securities Commission (OSC) has ordered the binary options broker RBOptions and its parent – the Marshall Islands-registered Zulutoys Limited to permanently cease trading in “any securities or derivatives”. The acquisition of any securities is also “prohibited permanently”.

In its publication, the OSC notes that the Financial and Consumer Affairs Authority of Saskatchewan has imposed sanctions, restrictions, conditions and requirements on RBOptions and Zulutoys in April. The reason given is that “the Respondents “acted as dealers by engaging in the business of trading in securities or holding themselves out as engaging in the business of trading in securities in Saskatchewan,” without being registered to do so, in contravention of Saskatchewan securities laws.”

In March 2015 the Canadian Securities Administrators (CSA) – the umbrella organization of the securities regulators from the 10 Canadian provinces and three territories – also put RBOptions on its warning list.

RBOptions has been on OSC’s radar since March 2014 when the regulator issued a warning that the broker is not authorized to provide financial services in Ontario. Earlier this year the OSC went seriously after Zulutoys and RBOptions and in the end of August appointed a hearing date on the matter. The current order is the result of this hearing.

Meanwhile, several other national regulators have warned against RBOptions this year: Belgium’s FSMA, the Australian Securities and Investments Commission (ASIC) and South Africa’s FSB.

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