Unregistered Binary Option Companies Cease Traded
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued two Cease Trade Orders against businesses offering binary options trading services to the public.
Rodeler Limited and 24Option, named in one of the orders, appear to operate a website, namely, www.24option.com, which provides a binary options trading platform to the public. A similar service appears to be offered by Big Option, Big Markets MU Ltd, and Mahmud Akberali Kanji, named in the second order, through the website www.bigoption.com.
The cease trade orders direct all trading in securities by these respondents cease up to and including January 6, 2016. The orders may be extended as necessary.
None of the named parties are registered to trade in securities in Saskatchewan, yet they appear to be soliciting investors in the province, which would put them in violation of provincial securities laws.
“These latest unregistered companies are attempting to solicit investments from Saskatchewan residents,” FCAA Enforcement Branch Deputy Director Ed Rodonets said. “Despite the issuance of a number of cease trade orders and investor alerts by provincial regulators and the Canadian Securities Administrators warning investors about unregistered binary options companies, Saskatchewan residents continue to fall victim to these solicitations.”
Many binary option trading companies’ websites contain references to being registered to do business; however, registration is usually in a foreign country and not applicable in Canada. Any unsolicited calls or online offerings of investment opportunities should be immediately followed up by checking to see if the companies are registered to do business in Saskatchewan.
Investors can check the registration status of any person or company selling investments by using the Canadian Securities Administrators’ National Registration Search database at www.aretheyregistered.ca.
Anyone contacted by Rodeler Limited., 24Option, Big Option, Big Markets MU Ltd or Mahmud Akberali Kanji, or any of their representatives should contact the FCAA Securities Division at 306-787-5936.