Canada’s securities regulators hold Check Registration Day, reiterate binary options risks

The Canadian Securities Administrators (CSA), the council of the 10 provincial and three territorial securities regulators in Canada, encourage investors to take part in the annual Check Registration Day on March 16, 2016.

Investors are advised to visit to see whether the individual or firm offering them an investment or advice is registered to do so. The SCA notes that checking the registration of the person or firm selling stocks, bonds, mutual funds or other securities helps to protect investors and build confidence in Canada’s capital markets.

The regulators once again voiced their concerns regarding the risks associated with binary options trading and using the services of unauthorized binary options brokers.

Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers, says,

csa_warning“We’re particularly concerned about unregistered activity around binary options. Many binary options trading platforms are based overseas and, despite listing Canadian contact information, none of the companies managing these platforms are registered to conduct business in Canada.”

The regulators say they are aware of a number of binary options trading platforms, many purportedly based overseas in countries like Cyprus, Belize and the Seychelles, that are soliciting Canadians by making untrue and/or misleading statements about Canadian securities regulators’ oversight of binary options.

March is Fraud Prevention Month in Canada, the CSA remind investors.

You can view the full announcement from the CSA by clicking here.

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