Canadian regulator continues the fight against unauthorized Binary Options Brokers in Canada. One of the latest attempts - BCSC Binary Options warning against Boss Capital and TR Binary Options.
1 June, AtoZForex – The British Columbia Securities Commission (BCSC) has been very active in protecting the investors’ community across Canada. In the past two days, the Canadian watchdog has issued two warnings for the public. Both alerts featured the names of Binary Options brokerages. Specifically, the regulator issued the BCSC warning against Boss Capital and TR Binary Options.
BCSC warns new Unauthorized Binary Options Brokers in Canada
Despite authorities fighting against unauthorized binary options brokers in Canada and outside Canada, Binary options fraud has been increasing. Indeed, binary options broker warning and fines has also seen a steep rise in the recent months. Adding to these warnings, the Canadian regulator, BCSC has cautioned the public against dealing with Boss Capital and TR Binary Options. Both the firms appear to be Binary Options brokers, owned by Melnic Group Ltd.
Boss Capital is claiming to have an office in Sofia, Bulgaria. The firm offers an online binary options trading platform. The broker is operating online through website bosscapital.com. The BCSC states that it became aware of Boss Capital after a Canadian resident was able to open a trading account with the broker. Also, the regulator has stated in the official warning:
“Boss Capital is not registered to trade in, or advice on, securities or exchange contracts in BC or elsewhere in Canada.”
Moreover, Boss Capital is the firm that has appeared in the warning lists of many regulators previously. Just yesterday, AtoZForex reported that Manitoba Securities Commission (MSC) in Canada has issued a warning against Boss Capital.
Prior to that, another Canadian regulator, the Securities Division of Financial and Consumer Affairs Authority (FCAA) red flagged Boss Capital. Furthermore, the Boss Capital has received a warning note from a number of other regulators.
Dating back to September 2016, the French Autorité des Marchés Financiers (AMF) blacklisted the Boss Capital as an unauthorized firm. In addition, the Italy’s CONSOB red flagged Boss Capital in July 2016. Also, the Australian Securities and Exchange Commission (ASIC) issued a warning against Boss Capital in June 2016. So, to sum it up we can ask these questions:
- Is Boss Capital a reliable Binary options broker?
- If yes, why does Boss Capital receive so many regulatory warnings?
- If no, is Boss Capital a scam? And, does Boss capital provide client protection?
BCSC TR Binary Options warning
Another warning from Canadian regulator draws our attention to the Binary Options broker TR Binary Options. The firm was previously operating under the name Trade Rush. Moreover, the entity is claiming to have an office in Bulgaria.
TR Binary Options is offering an online binary options trading platform. The Canadian watchdog stated that it became aware of this unregulated entity after a British Columbia (BC) resident was able to open a trading account with the broker. The BCSC stressed:
“The Parties are not registered to trade in, or advise on, securities or exchange contracts in BC.”
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The regulator warns investors to exercise extreme caution when dealing with firms that have no registration to trade or advise in BC. See the original warning from the BCSC here.
TR Binary Options review: Is TR Binary Options a Scam?
This is a short TR Binary Options review done by our team. At the first site TR Binary Options does not feel like a scam. Meanwhile, there are quite a few red flags there making the TR Binary Options scam review worth noting:
- TR Binary Options withdrawal procedure is the main issue for trader. They delay or decline withdrawals as it seems and this has caused many complaints. Probably, TR Binary Options re-branded from TradeRush due to these many complaints.
- Furthermore, TR Binary Options is not a regulated binary options broker.
- In a brief TR Binary Options platform review, we found it out that, the platform freezes, pauses, locks up and other glitch looking. This is often a common way to lead traders to a loss.
However, we can not claim TR Binary Options is a scam or reliable, as we do not consider Binary Options as a financial product. We would like to hear your opinion. Are you aware of any other unauthorized Binary Options Brokers in Canada? Share your experience with us.