logo |


    Home   >     Industry    >     Main body

    Ontario OSC Adds Status Markets to Its Warning List

    Abstract:Status Markets is the most recent broker to be added to the OSC warning list.

      Ontario OSC Adds Status Markets to Its Warning List

      Status Markets is the most recent broker to be added to the OSC warning list.

      According to a regulatory statement, the Ontario Securities Commission (OSC) has added Status Markets to its list of companies not to do business with.

      Status Markets is the latest entity to be added to the OSC warning list. Representatives of this company contacted Ontario residents by telephone, seeking investment funds to trade different asset classes through an online trading platform. However, this brand is not registered to sell securities in Ontario or anywhere else in Canada and has therefore failed to comply with provincial securities laws.

      The brokerage appears to be registered in the Republic of the Marshall Islands, specifically in Ajeltake Island, Majuro, where several other offshore brokers have their registered offices. “Status Markets found at www.statusmarkets.com is not registered in Ontario to engage in the business of trading in securities,” the OSC noted in the warning.

      Early this year, the OSC accused the cryptocurrency exchange Poloniex of breaking its securities law through its platform. The regulator argues that crypto asset products offered by the company are “securities and derivatives,” according to a statement of allegations published by the OSC.

      Poloniex Tussles with Ontario

      Poloniex, which operates under the name of Polo Digital Assets Ltd., is subject to Ontario securities law as their digital assets offerings are available to Ontarios residents, said the regulator. Through the platform, people have been actively conducting deposit and trade operations in cryptocurrencies that fell under the securities and derivatives category granted by the OSC, the statement highlighted.

      Although Poloniex is subject to the law of the Republic of Seychelles, the Canadian regulator pointed out that the crypto exchange has never been registered with the OSC to offer trading services in Ontario. Furthermore, the Commission accuses the crypto firm of not specifying Canada as one of its ‘Restricted Territories.’ That said, the OSC requested at that time that Poloniex cease its business “in any securities or derivatives.”

    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.