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Screenshot of a breaking news alert e-mail from Q2 2017
Canadian securities regulator the British Columbia Securities Commission (BCSC) announced that has added to its Investment Caution List unregulated binary options broker Binary Brokerz, which is owned and operated by DSMG Ltd. (together, the Parties).
Binary Brokerz claims to be based in London, England, and provides an online binary options trading platform, operating at www.binarybrokerz.com.
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 British Columbia’s securities legislation.
BCSC recently became aware of Binary Brokerz and that a British Columbia (BC) resident was able to open a trading account with Binary Brokerz.
The Parties are not registered to trade in, or advise on, securities or exchange contracts in BC.
BCSC urged BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.