BCSC Opteck Binary Options warning

11 April, AtoZForex, Lagos – As with most other regulators around the world, the British Columbia Securities Commission (BCSC) is becoming increasingly cautious about activities of so called Forex and binary options brokers in its jurisdiction. The latest warning about activities of such brokers is as regards Opteck. 

BCSC Opteck warning

In the BCSC Opteck Binary Options warning, the regulator clarified that it discovered at least one British Columbia (BC) resident was solicited to invest with Opteck. However, Opteck is not authorized to offer, trade in, or advise on, securities or exchange contracts in BC. Hence, the regulators have urged all BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.

About Opteck

Opteck claims to be based in Belize City, Belize, offering an on-line binary options trading platform, while listing the following Cyprus address: Lophitis Business Centre, Office 102, 249, 28th October Street, Limassol, 3035 Cyprus. It also claims on its website that: Opteck.com is a trading name of Centralspot Trading Ltd, regulated by the Cyprus Securities and Exchange Commission (“CySEC”), under authorization number 238/14. While also stating that Opteck.biz is a trading name of CST Financial Services Ltd, regulated by the International Financial Services Commission (“IFSC”), under authorization number IFSC/60/377/TS/15. The postal address of the office is: 35 Barrack Road, Third Floor Belize City, Belize

Other recent BCSC warning

This is quite similar to the recent case involving Interactive options. The firm was black listed by the BCSC for not being regulated in the Canadian region. However, even though interactive option was dully authorized by the CySEC, the firm’s license is under suspension.

However, CySEC has extended the license suspension of Interactive Option and its parent company, Pegase Capital Limited. Initially, Pegase Capital Ltd’s license suspension was imposed after CySEC discovered that the CIF firm was non-compliant with eleven counts of the regulator’s regulation. Hence, back in November CySEC fined Pegase Capital Ltd €300,000, marking a hefty administrative fine of the Cypriot watchdog. Thereafter, the board of the Cyprus Securities and Exchange Commission held a meeting on the 4th of April 2016, when it was decided that CIF firm’s license suspension of Pegase Capital Ltd with the number 225/14 will be extended. Yet, it was until today it was reported publicly that CySEC extends license suspension of Interactive Option parent firm.

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