Canadian securities regulator the British Columbia Securities Commission (BCSC) has just announced that it has become aware of a suspicious entity named Binary Banc.
Binary Banc claims to provide an online trading platform for binary options.
The regulator has recently became aware of Binary Banc and that it had solicited a British Columbia (BC) resident in connection with an advance fee scheme.
A binary option is a type of option whose payout depends on whether the underlying asset (such as a stock, a commodity, a currency pairing, etc.) increases or decreases in value. Options are considered to be securities under BC’s securities legislation.
An advance fee scheme occurs when a victim sends funds to someone with the expectation of receiving a greater amount in return. In almost all cases, the victim receives nothing and loses the funds sent.
Binary Banc is not registered to trade in, or advise on, securities or exchange contracts in BC.
BCSC urges BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.
The official warning can be seen here.