Canadian Regulator OSC warns against HQBroker, stating that the company has no valid registration with authorities, and therefore, is prohibited to operate in the country. What do we know about this firm?
16 July, AtoZ Markets – One of the provincial financial regulators in Canada, the Ontario Securities Commission (OSC) has updated its warning list. The entity that has been added to the OSC caution list is the brokerage called HQBroker.
Canadian Regulator OSC Warns Against HQBroker
The Canadian regulator has warned residents not to deal with HQBroker, adding that it has been receiving a growing number of complaints about unregulated Binary Options and Forex brokers. HQBroker comes the last in the list of companies not to do business with.
The regulator has noted that the brokerage is operating online via https://www.hqbroker.com. The firm is illegally conducting financial services on the territory of Canada, thus targeting provincial residents in Ontario. However, the entity is not registered in Ontario and has no right to trade securities or advice anyone in regards to the investment, sale, or purchase of securities.
A visit to the company’s website revelated that it provides various investment services on a wide range of financial instruments. It is understood that the brokerage does not claim any specific regulatory status in any jurisdiction.
In fact, this is not the first time HQBroker has made it to warning lists of regulators. It has been previously red flagged for targeting investors without any regulatory permission. Last year, the financial regulator of the UK, the Financial Conduct Authority (FCA) has published a warning against this company. It appears that HQBroker has been providing Forex trading services in the UK without any authorization to do so.
OSC BitConnect Warning
Earlier this year, OSC has issued a warning, cautioning investors against dealing with BitConnect. BitConnect is the entity that manages the websites bitconnect.co and bitconnectcoin.co. On these websites, the company claims to operate an online exchange platform that is entitled “BCC Exchange.” The company offers a number of investment opportunities, which include “mining”, “trading” and “staking” BitConnect Coin. The latter is also known as BCC Coin.
However, the OSC warns that neither BitConnect nor BCC Exchange and its representatives are registers in Ontario. They are not legally allowed to solicit investments or provide professional advice on investing in, selling, or buying securities.
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