Background: OptiCrown, which purports to have an office in London, England, offers an on-line trading platform for binary options.
We became aware that a British Columbia (BC) resident was able to open an account with OptiCrown.
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.
OptiCrown is not registered to trade in, or advise on, securities or exchange contracts in BC.
We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.