One of Canada’s provincial regulators, the Ontario Securities Commission (OSC) has added a new Forex broker to its warning list. The recently issued OSC Zurich Prime warning, recommends local traders to avoid any dealings with the Forex and CFDs broker.
28 November, AtoZForex – The Ontario Securities Commission (OSC) has added Zurich Prime to its list of companies not to deal with according to their regulatory statement. The OSC Zurich Prime warning included that the company is not registered in Ontario to offer any of its financial services to the traders in its jurisdiction.
Details of the OSC Zurich Prime warning
Ontario Securities Commission is one of the thirteen provincial financial regulators in Canada and has lately added Zurich Prime to the list of companies not to deal with. The latest OSC update reveals that the online broker is owned by U-NEX SOLUTIONS SRL. Furthermore, Zurich Prime is running through the website zurichprime.com. The broker offers investors to trade currencies, commodities, CFDs, ETFS and other financial instruments.
The Canadian regulator accused Zurich Prime of offering trading facilities on a wide range of financial instruments without a license. The OSC mentioned that the parent firm of Zurich Prime is registered in Bucharest, 17 Baba Novac Street, Romania. The local watchdog reveals that the parent firm of Zurich Prime is lacking the OSC license and is not registered in Ontario.
The Forex and CFDs broker did not claim a specific regulatory status in any jurisdiction. Still, if the broker is offering these services without a license in the region of Ontario it is considered as a crime. Hence, the OSC deems Zurich Prime as not authorized for advising anyone in investment, buying or selling securities.
OSC blacklist of brokers expands
The OSC always seeks to protect investors while promoting fair and efficient capital markets throughout the province. Today's warning on Zurich Prime follows last month OSC's warning issued against Nemesis Capital Limited that operates as AlfaTrade. OSC added them to the list of. For more information about unregulated investment providers, the local watch dog advises traders to visit its website.
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