Once again, the Autorité des marchés financiers (the AMF) the organization responsible for financial regulation in the Canadian province of Québec is sounding the alarm and alerting Québec consumers to the dangers of unauthorized binary options websites. The AMF wishes to stress that no business is currently authorized to market or offer binary options in Québec.
Jean-François Fortin, AMF Executive Director, Enforcement said:
Despite our many appeals to be wary of promises of payouts associated with binary options, we continue to receive reports and requests for information from the public.
Our Case Assessment and Cyber Surveillance teams are keeping a watchful eye on binary options trading platforms in Québec, in anticipation of the implementation of appropriate statutory measures. Moreover, we are working with other Canadian regulators to coordinate our efforts.”
Online derivatives trading: A regulated activity
Binary options are a derivative instrument offered through an online platform or in person, and these offerings are a regulated activity. Before conducting a transaction, investors should always check with the AMF. Any business that wishes to market a derivative in Québec must apply to the AMF for qualification before the derivative is offered to the public. In addition, qualified businesses must offer derivatives to the public through a derivatives dealer duly registered with the AMF, or register with the AMF as a dealer. Finally, qualified businesses must be authorized by the AMF to market each derivative product they wish to offer to the public.
New suspicious platforms identified
Below is the AMF’s updated list of websites operating illegal trading platforms in Québec. The 12 platforms that are most recently identified as suspicious and are not authorized to market or offer investment products and services in Québec appear in bold.
Unauthorized trading platforms in Québec
None of the websites below are authorized to market or offer investment products to Québec consumers. This is not an exhaustive list. If a website is not listed, it is not necessarily an authorized website. Always check whether the person or company with whom you are considering investing is duly authorized by the AMF.