MaxOptions , a binary options broker, came under the scrutiny of the Australian ASIC control service last month.
The Ontario Securities Commission (OSC), one of thirteen financial regulators in the provinces of Canada, has added binary options broker Tech Plex Ltd., operating under the name MaxOptions, to the list of companies that are better not to deal with, according to an official statement.
MaxOptions, which operates on the SpotOption platform, is the latest institution to be added to the OSC’s warning list and has received a huge number of complaints against companies operating in the binary options market.
Under the OSC, Tech Plex Ltd., operating under the name MaxOptions through its www.maxoptions.com website, is not registered in Ontario to work in the securities trading industry or advise on the purchase, investment or sale of securities.
A brief review of the broker’s website shows that MaxOptions indicates the location of the main office in Singapore, while in the “Contact Us” section, it sends the client to another office of global importance, which is already located in Australia, Canada, the United Kingdom and New Zealand. However, the company did not declare a specific status in these jurisdictions.
This is not the first time that MaxOptions has received a red flag for trading without legislative permissions. Earlier in June, the Australian Securities Commission (ASIC) issued a warning against 8 unauthorized binary options companies, including MaxOptions.
It is one of the regulatory bodies in the provinces of Canada, so the OSC is committed to protecting investors by promoting fair and efficient capital markets in the province. The website of this regulator provides information on instruments, resources for investors, including warnings for investors regarding individuals and companies that are engaged in unauthorized activities.
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