BCSC Warns Against Binary Brokers

It seems as if the Canadian authorities are getting tough on unregulated Binary Option and CFD providers operating in the country. The British Columbia Securities Commission (BCSC) has issued a warning against a broker called Hedgestone.

The BCSC became aware of the broker’s activities when they learned that a BC resident had opened an account there. Hedgestone operates from the following website https://www.hedgestonegroup.com/

The warning has told investors to be careful when dealing with the broker company, Icon Markets Limited. Icon markets limited claim that the licence that they hold is from the Belize financial regulator or the International Financial Services Commission (IFSC). They also claim that they have an office in Belize city.

When taking a look at the Hedgestone website, we can see that the holding company of Icon Markets Limited appears to be a company in Bulgaria called Nevski Ps Ltd. They are based in Bulgaria at 4 Rabotnik Street, Kostinbrod Municipality, Petarch.

What is even more surprising than the announcement is the fact that Hedgestone claims on their website that “Hedgestone does not accept clients from Canada and South Africa, United States and Australia.” This possibly means that there was a lapse in compliance procedures.

This came on the same day that the BCSC made another cautionary announcement on two other brokers, Binary Tilt and B4Option. BinaryTilt is a brand of Chemmi Holdings Ltd and has an office at Suite 50, 2, Old Brompton Rd, London, SW7 3DQ. Business Address: Suite 50, 2, Old Brompton Rd, London, SW7 3DQ. They operate from the following website https://www.binarytilt.com/

B4Option also caught the attention of the regulator when they allowed a resident to open an account. It appears that once the BCSC made the announcement, B4Option’s website was taken down by the operators.

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