Canada and Binary Options : Like Black and White
So last week we talked about the fact that there has never been a Canadian licensed and regulated binary options broker. The way things are heading it looks like there won’t ever be a chance of having the BO industry regulated in Canada, but we will have to wait and see about that. In the mean-time Canadian regulators such as the BCSC (British Columbia Securities Commission), the CSA (Canadian Securities Administrator), the MSC (Manitoba Securities Comission) and the OSC (Ontario Securities Commission) are posting almost daily warnings on their websites about binary options brokers, systems, softwares, schemes and programs that are soliciting customers illegally in Canada.
Canadian regulators never tried to regulate the industry, they know what has been happening for many years now and did nothing and now they post warnings right and left as if it will help. None of the public read these warnings, they do read the millions of banners, advertisements and pop-up pages that promise to double you investment in 24 hours, such as “Millionaires Blueprint” (the latest Investment warning added on bcsc.bc.ca).
The unregulated market will stay dominated by un-licensed wolves in sheeps clothing as long as the regulators don’t pull up their sleeves and start to regulate this vast BO field. Many unlicensed entities swoop in, build a website overnight, steal some money and get away long before warnings are posted. Some brokers are just trustworthy and reputable brokers who happen to not have a Canadian license (no one has a Canadian license!) and happened to have a Canadian client sign up and deposit funds into an account and find themselves 6 months later on the BCSC warning list.
A Word (rant) to Canadian Regulators
If you are so worried about the public that you are now posting daily warnings about binary options brokers and services, you should just filter all of your internet services and block all binary options websites from even uploading onto any Canadian computer, tablet or smart-phone. If you want to see an end (within weeks or even days) to the problem just do what you are supposed to be doing and REGULATE a couple brokers for the Canadian masses who feel the need to speculate on binary options.
By doing so the hawks and scavengers will go away and a safe and regulated market will thrive in Canada, but then again why would you do that, you probably have a few Canadian national gambling parties (Lotto 6/49 anyone?) with their hands in your pockets warning you against regulating something that might take a bite out of their revenues.
Regulators, in short, just regulate already..