BCSC is warning for a binary options trading platform not authorised
The British Columbia Securities Commission (BCSC) has issued a warning to inform regarding BigOption, operated by Wirestech Limited.
According to BCSC, BigOption claims to be based in London, England, and offers an on-line binary options trading platform.
BCSC became aware that a British Columbia (BC) resident was solicited by a representative of BigOption, and was able to open a trading account with BigOption.
A binary option is a type of option whose payout depends on whether the underlying asset (such as a stock, a commodity, a currency pairing, etc.) increases or decreases in value. Options are considered to be securities under the securities legislation in BC.
BigOption is not registered to trade in, or advise on, securities or exchange contracts in BC.
BCSC urges BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.
Source: BCSC
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