The Canadian Securities Administrators (CSA) are warning Canadians about rising ‘get rich quick’ binary options scams.
Binary options fraud is a leading type of investment fraud in Canada. There are no registered individuals or firms permitted to trade binary options in Canada. The scams can potentially leave victims financially devastated.
Related: Regulators fight binary options scam after tragedy
Binary options take the form of a wager in which investors bet on the performance of an underlying asset for a very short period of time. At the end of the ‘investment’ period, the investor receives a predetermined payout or loses their entire amount.
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