Primebrokerz and Option500
In Hong Kong the SFC is warning against unregulated binary options broker Primebrokerz and in Canada the BCSC has posted a warning against unregulated binary options broker Option500. The regulators have stated that these brokers are not regulated, Primebrokerz not being regulated in China and Option500 not being regulated in Canada.
So Why The Warning?
Apparently Primebrokerz has been accepting Chinese clients although Primebrokerz does NOT have an SFC license and Option500 has been accepting Canadian clients although it does NOT have a BCSC license, this is a big problem right now in the binary options industry. Unregulated binary options brokers are practicing illegally in many countries and regulators are fed up.
The fact is that what these brokers are doing is criminal activity, giving them as “small slap on the wrist” does not even begin to solve the issue, as long as brokers are allowed to get away clean, while practicing in criminal activities, the problem will not change or even begin to be fixed. Posting a “public warning” is just not enough.
How to Make a Complaint
China: Complaints about unsolicited calls from binary options brokers or about scam / fraud or indecent practice can be made officially to SFC on the page in this link.
Canada: Complaints about unsolicited calls from binary options brokers or about scam / fraud or indecent practice can be made officially to BCSC on the page in this link.