NADEX exits Canada – FinanceFeeds Exclusive
Binary options exchange NADEX has announced that it is exiting the Canadian market altogether and has informed its clients in the northern Dominion accordingly. The company, which is a wholly owned subsidiary of British CFD and spreadbetting company IG Group Holdings plc (LON:IGG), is one of the dedicated binary options exchanges via which all US […]
Binary options exchange NADEX has announced that it is exiting the Canadian market altogether and has informed its clients in the northern Dominion accordingly.
The company, which is a wholly owned subsidiary of British CFD and spreadbetting company IG Group Holdings plc (LON:IGG), is one of the dedicated binary options exchanges via which all US based binary options traders must process their trades (OTC binary options is illegal in the US), has categorically explained that is no longer serving Canadian members whether individual traders or broker/market makers.
The company has sent its clients a notice as follows:
“We have valued having you as a member of NADEX exchange. That’s why it is with regret that we have to inform you that we will no longer have Canadian residents as members. We have been in communication with the Ontario Securities Commission regarding NADEX members residing in Canada and we are exploring the opportunity to establish a formal presecne throughout Canada.”
“While we explore this opportunity we have decided to stop accepting new applications from Canadian entities and residents.”
Currently, unlike the regulatory structure in the US, Canadian customers are permitted to trade OTC binary options, however the Ontario Securities Commission views many OTC binary options providers with substantial trepidation and regularly issues warnings to potential investors on the potential pitfalls of trading in off-exchange binary options.
