BCSC CTOption Warning
The latest warning from the British Columbia Securities Commission (BCSC) is about the binary options operator CTOption, an unregulated operation with a dubious abode.
From CTOption’s website:
On reading this twaddle a few times it can be concluded that the company’s name is Infinicore Ltd. Saint Vincent. Or maybe ‘Saint Vincent’ immediately following the company name ‘InfiniCore Ltd.’ is in fact the name of an office in The Jaycees Building? But the bamboozled punter can take heart from the fact that:
‘Clearing managed by InfiniCore Ltd. England, 2 Woodberry Grove, Finchley, London, N120DR, England’
Since this is a Panda ‘skin’ it is likely that Tel Aviv-based Panda Trading Systems undertakes the clearing role, if the word ‘clearing’ is appropriate for the automated settlements of online binary options.
Dr Rudolf Smith!
To give the company a further veneer of respectability the CEO signs himself off as ‘Dr Rudolf Smith’ although it is not clear whether he is a doctor of medicine, philosophy or divinity. Maybe there is now a PHD in Scamming which I’m not aware of……..
Anyway, it is fairly obvious this operation is just a complete scam so avoid like the plague, which is a real pity because the site is really well presented with great video tutorials. The actual trading platform is pretty much plus del la même, i.e. just another ‘me-too’ platform, simple, easy to use but hardly a game-changer.
The BCSC warning can be found here. On this page it states that binary options are considered within the regulatory framework as ‘options’ therefore bringing them under the regulation of the BCSC as:
‘Options are considered to be securities under the securities legislation in British Columbia (BC).’
So with this regulatory approach, in Canada a binary option would have to cease to be an ‘option’ for it to be regulated as a bet and thereby regulated by a gambling regulator. This approach makes more sense than the blinkered view of some regulators in Europe who purely look at the nature of the ultra short-term binaries being offered primarily out of Tel Aviv and determine they are gambling.