New Post has been published on Binary Option Strategy
New Post has been published on http://www.binaryoptionstrategy.com/bcsc-warns-binary-uno/
BCSC Warns Against Binary Uno
The British Columbia Securities Commission warned the public about online options trading site Binary Uno last week, as reports of the company operating in the region came to light. Binary Uno, which claims to be based in London, was soliciting consumers before being noticed by regulators. The BCSC has now included the company in its Investment Caution List. While Binary Uno is not technically banned from operating in British Columbia, regulators have asked consumers to exercise caution and avoid dealing with the unregulated investment services.
This is not the first time this month the BCSC has spoken out against unregulated brokers in its jurisdiction, with the regulating body also taking action against Edgedale Finance just a day earlier. Furthermore, it also mirrors a growing trend of scrutiny towards the binary options industry and especially against unregulated brokers whose predatory practices have resulted in millions of dollars’ worth of losses worldwide.
New Warning
Binary Uno, which has been operating without a license in Canada—and specifically in British Columbia—is the latest entry to the British Columbia Securities Commission’s Investment Caution List. The regulatory group released a statement noting that the company, which alleges to be based in London, has been soliciting its services to Canadian citizens despite not having a license or being regulated at all. Regulators were first turned on to the situation after citizens reported being solicited to invest.
Regulators in British Columbia and across Canada have strengthened their actions against unregulated brokers who are operating without license and in many cases harming consumers with tactics that have been described as aggressive and even predatory. The case with Binary Uno highlights how difficult dealing with these unlicensed brokers can be. The company, which is owned and run by DOM Technology Services—a Glasgow-based company—claims to be based in London. However, at different times, Binary Uno has represented itself to reporters as being based out of the UK before later mentioning some of its services were provided from Romania when pressed for information.
The BC Securities Commission’s action does not constitute a ban or real legal action against Binary Uno. The regulating body has simply warned consumers against investing or using any of Binary Uno’s products. However, the broker is still able to continue providing services in the area—for now—as long as there is no defined legal action taken by the provincial or broader Canadian governments.
Toughening climate
The warning is only one in a series of actions taken by regulators in recent months in a widespread attempt to clean up the binary options industry. In British Columbia alone, the BCSC’s release was the second such statement in two days following the regulator’s warning against options broker Edgedale Finance and just weeks since a similar warning against foreign exchange platform XForex. For the time being, Canadian citizens can still log on and open accounts with these companies, but regulatory momentum has been accelerating.
In the United States, the binary options industry is heavily regulated and violators have been forced to pay massive settlements following legal actions. In Europe, officials have grown less patient with the industry and have moved to bolster their tools to deal with unregulated entities. Meanwhile, in Belgium, the government outright banned binary options while French officials banned direct and online marketing to French citizens.
On the whole, the binary options industry has seen a resurgence of unregulated brokers. By taking advantage of the vacuum left by compliant brokers that have not been able to afford the costs of proper regulation, these unregulated entities are able to operate freely.













