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Binary options canada. The Canadian Securities Administrators, the council comprised of Canada's provincial and territorial regulators, is moving to prohibit the offer, advertisement or trade of most binary options shorter than 30 days, which would account for the vast majority of these "wagers." The CSA is also hoping to gain more.

Binary options canada


The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures. Canada's securities regulators tightened their prohibition of short-term "binary options" Thursday, but warned that the global nature of such frequently-fraudulent asset-performance wagers will make the ban challenging to enforce in the short term.

With binary options, investors "bet" on the performance of an underlying asset, such as a currency or stock, for a predetermined and typically short period of time — sometimes just hours or minutes. They're often called "all-or-nothing" options; when the time is up, investors are generally supposed to walk away with either a preset payout or nothing at all. In Canada, there are no firms or persons registered to sell binary options, though Canadians are often solicited through digital means.

The Canadian Securities Administrators, the council comprised of Canada's provincial and territorial regulators, is moving to prohibit the offer, advertisement or trade of most binary options shorter than 30 days, which would account for the vast majority of these "wagers. It's common with binary options that no trading actually occurs, and the money spent on the option is simply stolen — in some cases, along with personal information that can lead to identity theft.

Investors tend to be enticed into such schemes through social media, online ads, and unsolicited communications, sometimes falsely suggesting that the seller has Canadian operations. Canadian regulators set up a task force to fight binary-options fraud in , working on a ban with the help of numerous intermediaries through which binary-options "fraudsters" do their work, including credit-card companies, tech companies and advertisers. Morisset said the Canadian ban will serve as far more than just a warning for investors.

It's also a means to encourage intermediary platforms to prohibit binary-option purveyors, and for other jurisdictions to put similar bans into place. That makes it "much easier to have discussions with those intermediaries, for them to eventually stop advertisements and facilitating those illegal trades. Getting caught in the world of binary-options fraud can have drastic consequences: Morisset said the ban puts Canada's securities regulators among world leaders in battling binary-options fraud.

Investors should not try to make money off of those very toxic products," he said. Because most binary options bet on asset-price fluctuations over the course of hours or minutes, Mr.

Morisset said he was confident most fraudulent activity would be covered by banning those with time frames shorter than 30 days. Canada's securities regulators received more than reports and inquiries about binary options in alone.

The CSA has launched a website, binaryoptionsfraud. Since joining the paper in , he has told stories from New Brunswick to Nairobi. The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions. Please note that our commenting partner Civil Comments is closing down. As such we will be implementing a new commenting partner in the coming weeks.

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