25 January, AtoZForex.com, Lagos – The Ontario Securities Commission (OSC) has bolstered its warning list with the addition of a Forex broker, issuing a OSC warning on Sumo Forex as well as its binary options subsidiary under the name Depix Holdings Ltd. This marks again that the OSC is actively clamping down on firms running illicit operations in the region, without due license or outright scam operators. As the recent warning issued on Bristol Offshore was only a few weeks back.
OSC warning on Sumo Forex
The regulator has now warned against retail forex broker Sumo Forex Limited. This firm operates from an office in New Zealand, stating an address of “OSC as 28 Queen Street, 4th Floor, Auckland 1010, New Zealand.” In more detail, Sumo Forex is an ECN broker and possess over the FSPR license, with the registration number: FSP411486. However, the broker is lacking authorisation to render its services in the OSC jurisdiction, as the regulator clearly stated that:
“Sumo Forex Limited is not registered in Ontario, Canada to engage in the business of (i) trading in securities or (ii) advising anyone with respect to investing in, buying or selling securities.”
Depix Holdings Ltd warning
The Canadian financial watchdog is also concerned about the growing popularity of illicit binary options activities in the region of Ontario. Hence, relating to the case is the subsidiary of Sumo Forex, namely Depix Holdings Ltd. which also received a similar warning as it's parent firm. The subsidiary Depix Holdings Ltd operates a binary options firm, under the name BinaryTilt, as per the website of the broker, which has not been confirmed yet by the OSC regulator. The details of the Cyprus based Depix Holdings have been given free by the Canadian regulator:
"38 Karaiskaki Street, Kanika Alexander Center, Block 1, 1st floor, Office 113B, 3032, Limassol, Cyprus"
Along with the OSC warning on Sumo Forex, Depix Holdings Ltd has also not been deemed authorised in the region for rendering its binary options operations. Last but not least, in an attempt to receive additional comment on the case, AtoZForex has reached to Sumo Forex, however no reply has yet been given.
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