The Ontario Securities Commission (OSC) has added Status Markets to its blacklisted companies the public should not do business with.

The regulator stated that the company is not registered or licensed to sell securities in Ontario or anywhere else in Canada. OSC also alleged that the company’s representatives contacted Ontario residents via telephone with a promise of higher returns when they invest with the company.

The firm stated that it trades different asset classes through an online trading platform. However, the regulator noted that the company has failed to comply with the provincial security laws by trying to deal with investors without having the necessary license.

“Status Markets …is not registered in Ontario to engage in the business of trading in securities,” the OSC stated.

The brokerage firm seems to have a registered license with the Republic of the Marshall Islands.

Ontario OSC Intensifies Regulatory Efforts

OSC has been up and doing regarding the protection of its laws against violators in the market. Earlier this year, it accused crypto exchange Poloniex of carrying out operations that go against its laws.

Poloniex offers its digital asset services to Ontario residents. As a result, it is subject to the securities laws of the regulator. People have been trading operations and conducting trading activities in cryptocurrencies through the platform.

According to the watchdog, crypto-asset products offered by the company are “securities and derivatives.” The watchdog said these types of activities fall under the securities and derivatives category law granted by OSC.

Status Markets Has Been Red-Flagged Before

The latest blacklisting of Status Markets is not the first time the company has been in the bad books of regulators.

Last year, it was also red-flagged by the British Columbia Securities Commission (BCSC) for offering forex service in the province without the required license.

OSC’s major role has always been to protect investors while ensuring a fair and efficient capital market in the province. The watchdog provides a lot of information on its website regarding the registration status of companies. It also issues public alerts like the warning against Status Markets. OSC has advised prospective investors to verify the registration status of an investment firm before committing their funds to their cause.