Binary Options providers based in Cyprus and Bulgaria got Cease Trade Orders
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued two Cease Trade Orders against Mpower Technologies Limited and Melnic Group Ltd. The orders expire on May 3, 2017 and may be extended as necessary.
“Despite the issuance of a number of cease trade orders and investor alerts by provincial regulators and the Canadian Securities Administrators, there is an ongoing attempt by these and other binary option companies to solicit funds and investments from Saskatchewan residents,” FCAA Enforcement Branch Deputy Director Ed Rodonets said. “We are again warning investors about unregistered binary options companies, and are very concerned that despite our ongoing efforts, Saskatchewan residents continue to fall victim to these solicitations. Over the last two years, Saskatchewan residents have lost more than $420,000.”
Mpower Technologies Limited based out of Cyprus, operating under the name of CFD Corporate, appears to operate two websites: www.binarycorporate.com and www.cfdcorporate.com, which provide binary options trading platforms to the public.
The second company, Melnic Group Ltd., operates out of Bulgaria under the name of BossCapital.com and uses the website www.bosscapital.com. None of the named parties are registered to trade in securities in Saskatchewan. Persons or companies need to be registered in order to sell binary options in Saskatchewan.
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 Mpower Technologies Limited, CFD Corporate, Melnic Group Ltd., or BossCapital.com, or any of their representatives should contact the FCAA Securities Division at 306-787-5936.
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