The British Columbia Securities Commission (BCSC) of Canada adds a binary options broker, RBinary Limited to its blacklist. Is RBinary Limited scam or reliable?
11 April, AtoZForex – The Canadian British Columbia Securities Commission (BCSC) issues a warning against a binary options broker, RBinary Limited. The BCSC claims that RBinary does not hold regulation to provide any financial or investment services in the British Columbia. The Canadian watchdog also blacklisted one more binary options broker Suisse Option and a Forex broker Trade12 last month.
Is RBinary Limited scam or reliable?
The Canadian provincial financial regulator BCSC adds RBinary Limited to its Investment Caution List. While reviewing the official website of RBinary, we found out that the company provides lucrative binary options products to traders globally. Moreover, the company claims to be providing their services in the market for the last 12 years.
RBinary further claims that it has an excellent team of experienced professionals that provides a safe and secure trading environment. As per the details on their website, they claim that their trading tool and customer support will help the traders proceed towards quick payouts. However, some traders have listed themselves as victims of RBinary on number of binary options forums. The contact information that the company provides is:
Rbinary Limited, Marshall Islands Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
+44 131 608 1150
Binary Options trading in British Columbia
The Canadian provincial financial regulator BCSC recently became aware of the website (www.rbinary.com) of RBinary Limited. The Canadian watchdog also learned that the company providing an online binary options trading platform claims to have an office in the Republic of Marshall Islands.
According to the regulatory entity, a binary option is a type of financial instrument whose payout depends on whether the underlying asset increases or decreases in value. The underlying asset can be a stock, a commodity, a currency pair, and so on.
In British Columbia, regulators consider binary options as securities under the provincial securities legislation. Therefore, the entity willing to provide such financial options to the BC investors needs to get legal authorization from BCSC as per the regulator’s statement.
Why BCSC blacklists RBinary Limited?
The BCSC blacklists RBinary Limited claiming that it does not hold valid regulation to trade in, or advise on, securities or exchange contracts in the province. Hence, RBinary will have to get authority by BCSC in order to provide their financial and investment services in British Columbia province.
If the binary options broker fails to do so, it is not permissible for them to operate in the BC. The Canadian watchdog safeguards the BC investors and traders by warning them to exercise caution when dealing with unauthorized, unregulated firms. Moreover, the funds deposited to such entities are at higher risk.
Think we missed something? Do you think is RBinary Limited scam or reliable? Let us know in the comments section below.