Canadian Securities Administrators (CSA) have published a proposal calling for the ban of advertising, offering, selling or otherwise trading a binary option to individuals across the country.
Louis Morisset, the chair of the CSA, said, “We are deeply concerned by the increasing number of investor losses and complaints resulting from binary options. The proposed ban is critical to our efforts to help stop binary options fraud in Canada.”
The proposed ban comes after multiple fraudulent binary options schemes have hurt Canadians from across the country.
- Alberta woman loses $75K to binary options scheme
- Edmonton man dies after losing $330K to binary options scam
Binary options are already not allowed in the country, there are no licensed binary options brokers in Canada.
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