Canadian securities officials seek to ban ads for dodgy world of binary options
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Canadian securities officials seek to ban ads for dodgy world of binary options

Canadian securities officials have proposed banning advertising and sales of binary options because they’re concerned about increasing investor losses from these usually fraudulent investments.

Binary options are essentially a bet on the performance of assets such as commodities or shares over a period as short as minutes — when the time expires, investors either receive a set payout or lose everything.

But there’s often no actual trading and the “brokers,” generally based overseas, steal their money or their credit information.

Last December, Edmonton businessman Frederick Turbide killed himself after losing more than $300,000 in a binary options scam.


No one in Canada is registered to trade in these products, but a spokeswoman for the Alberta Securities Commission said in an email Wednesday the ban would send a clear message that offering them to individuals would violate securities laws.

People in Alberta and Quebec can comment on the proposal by the Canadian Securities Administrators until May 29, while in other provinces comments are possible until late June or late July.

source : Calgary SUN
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