The British Columbia Securities Commission (BCSC), one of Canada’s thirteen provincial financial regulators, has again updated its Investor Caution List to include binary options broker, DGI Market.
DGI Market is owned and operated by DGI Market Ltd. The broker which trades using the website url www.dgimarket.com claims to be based in Bulgaria and has allegedly been soliciting financial services to British Columbia residents.
Unlicensed Entity
The financial watchdog, which recently warned against Big Option for similar offences as reported by Finance Magnates earlier this month, became aware of DGI Market when it found out that a resident was able to open a trading account with the broker.
Upon further investigation, it was found that DGI Market is not registered to trade in, or advise on, securities or exchange contracts in BC. In addition, there is no evidence online of regulation by any other jurisdiction which, coupled with the overall lack of transparency on the website, raises concerns about the authenticity of the firm.
Background
The BCSC is the independent provincial government agency responsible for regulating capital markets in British Columbia. Its Investor Caution List contains individuals and companies that appear to be engaging in activities that may pose a risk to investors.
As with all brokers included on the list that are not registered to trade in and advise on securities or exchange contracts in BC, the Canadian watchdog has warned that trading with this broker may present a risk to investors and has therefore urged the public to use caution when dealing with DGI Market.
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