British Columbia Securities Commission (BCSC) has added another binary options broker to the list of investment companies that are not licensed to provide their services to residents of the Canadian province.
The newest addition to the “Black List” is Citrades, a binary options trading firm offering its services via www.citrades.com. The company purports to have offices in various locations across the globe, including Africa, Asia, Australia, Europe and the United States, but no information is present about any licenses.
The regulator of British Columbia is particularly concerned that Citrades does not hold a license to market its services in the Canadian province but at least one British Columbia resident was able to open an account with the broker. For that matter, the regulator urges all BC residents to exercise extreme caution when dealing with firms that are not registered to trade or advise by the BCSC.
Canadian laws permit trading in binary options over the counter. However, trading firms willing to offer these services should obtain necessary licenses from the local watchdogs of the provinces where they wish to target clients.
To view the official warning, click here.