Released on September 22, 2015The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued two Cease Trade Orders against businesses offering binary options to the public.
The first order names Ouroboros Derivatives Trading Ltd. based in Cyprus, and the second is against Anguilla-based AAoption, Galaxy International Solutions Ltd. and David Eshel. The orders direct that all trading in securities by Ouroboros Derivatives Trading Ltd., and AAoption, Galaxy International Solutions Ltd. and David Eshel, cease up to and including October 2, 2015.
The orders may be extended as necessary.
These named entities appear to be soliciting investors in Saskatchewan without registration, putting them in violation of provincial securities laws.
“These two orders identify the latest unregistered companies we have been made aware of who are attempting to solicit investments from Saskatchewan residents,” FCAA Enforcement Branch Deputy Director Ed Rodonets said. “Any unsolicited calls or online offering of an investment opportunity should be immediately followed up by checking to see if the companies are registered to do business in Saskatchewan.”
Ouroboros Derivatives Trading Ltd. is currently operating two websites at www.anyoption.com and www.copyop.com. Galaxy International Solutions Ltd., and David Eshel operate at www.aaoption.com. Each of these websites offers information and facilitates trades in binary options.
A number of cease trade orders and investor alerts have recently been issued by provincial regulators and the Canadian Securities Administrators, warning investors about unregistered binary options companies. Investigations have shown that many of the 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
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 Ouroboros Derivatives Trading Ltd., AAoption, Galaxy International Solutions Ltd., or any of their representatives should contact the FCAA Securities Division at 306-787-5936.
For more information, contact:
Financial and Consumer Affairs Authority