Is Binary Option industry scam as a whole? British Columbia Securities Commission BCSC Binary Uno investment warning is the latest warning against an unregulated bucket shop. AtoZForex shares insights of this story.
20 September, AtoZForex – Almost everyday there is some kind of a warning by a different regulator against a binary options broker. The latest is the the British Columbia Securities Commission (BCSC), Canadian securities regulator warning against an unregulated binary options bucket shop - Binary Uno was red flagged by the regulator.
BCSC Binary options investment warning: Binary Uno
As BCSC oversees the financial activity across the British Columbia region, the Binary Uno, operated by DOM Technology Services Ltd. is in the spotlight currently. The firm operates online via binaryuno.com and claims to be based in London, England, as it is reported by the regulator.
See also: Belize IFSC warns against TradeFxP: Fake securities license
As Binary Uno was added to the BCSC's Investment Caution List, the activities of the firm comprise the provision of an online binary options trading platform for investors and binary matter education. AtoZForex team tried to contact Binary Uno as a client as well.
When we approached the broker initially they first mentioned that they are located in the UK. Then, another customer care representative mentioned that they are located in Bucharest, Romania.
When AtoZForex team member Jacob Maas asked for regulation a representative called Abdul. A mentioned that they are in the process of obtaining one but he then refused to give any information.
The note from the regulator
The BCSC Binary Uno investment warning follows the British Columbia residents experience with Binary Uno. The official warning from the British watchdog states:
“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 the securities legislation in BC. The Parties are not registered to trade in, or advise on, securities or exchange contracts in BC.”
The regulator additionally warns the British Columbia residents to exercise extreme caution when dealing with firms that are not regulated or registered to trade or advise in British Columbia.
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