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Canada Says Bye to Binaries

Discussion in 'Forex Articles' started by AsstModerator, Oct 2, 2017.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Canada Says Bye to Binaries

    The Canadian Securities Administrators have taking a big step towards ending binary scam. They've banned all binary options shorter than 30 days. The 30 day limit will make it much harder for binary options to sneak back in under a different name.

    Here's the official announcement...

    For Immediate Release
    September 28, 2017

    Canadian securities regulators announce ban on binary options

    Calgary–The Canadian Securities Administrators (CSA) today announce the implementation of Multilateral Instrument 91-102 Prohibition of Binary Options, which makes it illegal to advertise, offer, sell or otherwise trade binary options shorter than 30 days with any individual.

    “Binary options are the leading type of investment fraud facing Canadians today, and the impact of this kind of scam on individuals is staggering,” said Louis Morisset, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers.“This ban positions the CSA among the world leaders in fighting back against binary options fraud and represents an important step in protecting Canadians. It conveys a clear message that these products are unsuitable for individuals because of their risky characteristics and that their trading is illegal.”

    The CSA’s Binary Options Task Force was formed in 2016 as a proactive means to fight this form of fraud. “From day one, our job has been to find every avenue to protect Canadians from this particular fraud,” said Jason Roy, the Task Force’s Chair and Senior Investigator with the Manitoba Securities Commission. “This ban supports our efforts, which include working with credit card companies, tech companies and advertisers that binary options fraudsters rely on to carry out their schemes. It will all add up to fewer Canadians being exposed, and fewer Canadians being cheated.”

    Binary options take the form of a wager in which investors bet on the performance of an underlying asset, often a currency, commodity, stock index, or share. The timeframe on this bet is typically very short, sometimes hours or even minutes. When the time is up, the investor either receives a predetermined payout or loses the entire amount.In many instances, however, no actual trading occurs and the transaction takes place for the sole purpose of stealing money. In addition, those who have provided credit or personal information to binary options sites frequently fall victim to identity theft. Binary options are sometimes marketed under other names, including “all-or-nothing options,” “asset-or-nothing options,” “bet options,” “cash-or-nothing options,” “digital options,” “fixed-return options” and “one-touch options.”

    The firms and individuals involved in the operation of binary options trading platforms are often located overseas. Investing offshore is a common red flag of fraud, as it may be impossible for investors to get their money back if something goes wrong. Anyone who has invested with, or has concerns about, an offshore binary options trading platform should immediately contact their local securities regulator. For more information on binary options fraud, and tips on how to protect yourself, please visit http://www.binaryoptionsfraud.ca/.

    The new instrument can be found on participating CSA members’ websites. For more information on the regulation of binary options in BC, please see BC Notice 2017/02 – Binary Options.

    Before making a decision to invest in any product, the CSA encourages all investors to visit aretheyregistered.ca to check the registration of a person or company offering the investment. There are no registered individuals or firms permitted to trade binary options products in Canada. Any firm or individual selling investments or offering advice must be registered in the province where they do business. Registration helps protect investors because regulators will only register firms and individuals that are properly qualified.

    The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.


    Links...

    Original press release on CSA Site

    Times of Israel article about Canada banning binaries
     
  2. IrwanI

    IrwanI Master Sergeant

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    Great,i don't trust any Binary broker
     
    Vivianna, Minsk and vonsleek like this.
  3. mbreitfelder

    mbreitfelder Master Sergeant

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    Great news!!! Now to get the money back from the "BLEEPERS"!!
     
    vonsleek likes this.
  4. sparks007

    sparks007 Recruit

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    Yes, this is good. This will be just a start of a many we hope. Interestingly, I have several thousand dollars with
    Bank De Binary and claimed a withdrawal just before they closed doors, and I got payed out the full amount I had in the account. It took some time, but yes, I got paid out. I may have been lucky.
     
    mbreitfelder likes this.
  5. silly pip

    silly pip Recruit

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    Binary options are bunch of thiefs...I know, I was one of people who got robbed by them...Stay away
     
  6. Tryingtrader

    Tryingtrader Private, 1st Class

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    Great news. Perhaps this will help more of the chargeback attempts by scammed victims get their money back. It could be useful to quote this article in any chargeback application, at least the card companies can't plead ignorance that theft is taking place and they are in fact complicit in the scam!!!
     
    mbreitfelder likes this.
  7. jlmason26

    jlmason26 Recruit

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    Binary options in themselves are not a bad thing. Legitimate binaries are treated on NADEX, a regulated US exchange. Why anyone needs a broker is beyond me since you can trade on the exchange with even a tiny account.
     
    mbreitfelder likes this.
  8. bowwow1

    bowwow1 Recruit

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    I lost a thousand to 24Options. I foolishly gave the account to a guy to trade, it bottomed out the next day. The account rep said the money just disappeared. Same with Porter Finance.. and now there's a law firm out of Israel that's offering to get your money back for you..coming and going...
     
  9. Tryingtrader

    Tryingtrader Private, 1st Class

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    Yes this is true, but what we are discussing here actually has nothing to do with 'Binary Options'. These scumbags have hijacked the name and used it to dupe financially ignorant people into parting with their money in the misguided hope of making unrealistic "profits". The 'True' Binary Options work from established and licenced exchanges and are monitored by commissions that ensure rules are followed. These scammers, on the other hand, simply want as many naive people as possible who understand nothing about the Binary Options trade to load their accounts with money in the hope of making the promised quick buck. When they loose their money (as most do) they are stunned, then realise they have been taken for a ride by very well rehearsed con men who originate from the on-line betting business. Con, Scam and Fraud is what these guys do best ...... nothing to do with the Binary Option business.
     
  10. oscarra

    oscarra Sergeant Major

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    hum, will the scammers say bye bye to Canada :oops: they don’t even seem worried still targeting US citizens o_O

    Some Huge Mega Fines will be needed !
     

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