Canada’s OSC Issues a Warning Against Status Markets

Fazzaco learned that Canadian regulator the Ontario Securities Commission (OSC) is warning Ontario investors that Status Markets is not registered to deal or advise in securities in Ontario.

Taking a look at the company's website, Status Markets is offering forex and operate as a foreign exchange trading platform in Ontario. Representatives of this company contacted Ontario residents by telephone, seeking investment funds to trade different asset classes through an online trading platform.

The Canadian watchdog mentioned that the company 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.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk.

Earlier this year, the commission has warned against FX Bit Pro and BitFxProSignals​​, which are not registered in the province of Ontario to trade securities, advise on securities, or otherwise operate exchange services.