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.
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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