The binary options industry is constantly under eagle-eyed supervision by the Canadian provincial financial regulator. The latest BCSC GTOptions warning urges us to ask the question; is GTOptions scam or reliable?
13 April, AtoZForex – The Canadian BCSC has been quite active for the past few days in monitoring the activities of binary options brokers. At the beginning of this week, the financial regulatory body already sent out a warning against a binary options brokerage, RBinary Limited. Now the Canadian watchdog adds one more binary options broker to it's investment caution list, namely GTOptions.
Is GTOptions scam or reliable?
The British Columbia Securities Commission (BCSC) of Canada blacklists the binary options brokerage firm GTOptions. The warning also includes the name of MJ Vents Ltd. which owns and operates GTOptions. As per BCSC warning, the company provides an online binary options trading platform through their website www.gtoptions.com.
Moreover, the entity claims to be based in Bulgaria at the given address (OPS Center Bulgaria, Office #6951175, BGN). On further reviewing their contact us details, I was not even able to find their phone number. Therefore, we drop an email to their compliance team asking for their comments on this matter. However, we did not receive any reply back from them yet. Read below the original BCSC warning notice against the binary options broker, GTOptions.
Previous warnings against GTOptions
The BCSC warning is not the only warning against GTOptions. The binary options broker also received warnings from three different financial regulators in the past. Spain CNMV, Quebec AMF, and Canada’s CSA are among the list. As per British Columbia’s securities legislation, binary options are termed as securities. BCSC warns the BC residents that GTOptions does not have the authorization to trade in, or to advise on, securities or exchange contracts in the province. Therefore, the BC residents should exercise caution when dealing with such firms that do not hold valid registration or license to trade or to advise in British Columbia.
The Canadian BCSC takes a proactive approach in safeguarding BC investors by publishing an Investment Caution List. However, this list does not identify all unqualified securities or unregistered activity being promoted in the province. The watchdog relies on the information that it receives from the public or other agencies to compile the Investment Caution List. The BCSC thoroughly assesses the information and confirms that the given firm or individual is engaging in this type of activity before adding the name to the list.
Think we missed something? Do you think is GTOptions scam or reliable? Let us know in the comments section below.
| Is GTOptions scam or reliable? BCSC GTOptions warning | Binary options industry is constantly under eagle-eyed supervision by the Canadian provincial financial regulator BCSC. Is GTOptions scam or reliable?