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Canadian provincial financial regulator British Columbia Securities Commission (BCSC) issued a warning notice on Friday against binary options platform Millionaires Blueprint for recruiting local residents without having the required authorization.
Millionaires Blueprint is not registered to trade in, or advise on, securities or exchange contracts in British Columbia and is not authorized to operate in the province. Despite this, a British Columbia resident was able to open a trading account with the broker.
On its website, www.millionaires-blueprint.co, Millionaires Blueprint presents itself as a web-based fully-automated three-step platform for binary options trading. It distinguishes itself from being a broker. Instead, it emphasizes that its “trading bot software is used alongside a broker”. The entity provides no information regarding authorization or licensing.
Millionaires Blueprint promises traders to make sweet profit of $3,000 to $7,000 per week on an initial investment of just $250. It quotes an average win rate of 82%.
In Canada, capital markets fall under the regulation of provincial watchdogs and legislation rules may vary in from province to province. Binary options are not forbidden throughout the entire country, but providers of such instruments need to be regulated in order to operate. However, there is not a single binary options broker or platform authorized or licensed to operate in Canada. Under the BCSC’s legislation, binary options are treated as securities.
In binary options trading, investors guess whether the price of a certain instrument would go upwards or downwards within a pre-determined time frame. Once the time is up, the option is deemed expired and the bet is settled. Depending on the outcome, a trader either collects a profit, or loses money.
Binary options are quite controversial due to their risky nature and the lack of tight regulation. In the US they are allowed to be offered only by licensed providers and via exchange-traded contracts. In Europe, most reputable authority bodies have expressed intentions to restrict high-risk trading in instruments, with binary options first on the list. France and the Netherlands are in the process of developing bills that would prohibit the advertisement of risky instruments and Germany is also considering the possibility, but has not made any steps as of now.
Belgium banned from 18 August the distribution via online channels of over-the-counter (OTC) binary options, spot forex, and CFDs with leverage. Israel also banned trading in binary options and now is considering to prohibit their advertising abroad.
When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.