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Scam Alert: Misleading Binary Options Websites

Released on February 10, 2017

The Financial and Consumer Affairs Authority (FCAA) urges consumers not to use binary options websites that are not registered in Saskatchewan.

Binary options are bets on whether an asset (currency, stock etc.) will go higher or lower in price at a certain point in time.  Websites such as, https://www.binaryoptionscanada.net/provinces/saskatchewan/, are using misleading language and FCAA’s name to persuade Saskatchewan residents to invest in binary options with unregistered companies.

It is illegal to trade binary options in Saskatchewan unless a company is registered.  Currently there are no websites or online trading platforms registered or authorized to sell binary options in Canada.  A high number of unregistered binary option companies have been found to be fraudulent.

 

Here are a few ways to spot a binary options scam:

  • If the website guarantees extremely high returns.
  • If you’re asked to wire money outside the country.
  • If you receive a call or email from someone about the website.
Remember, don’t give out your credit card information over the phone or over the internet if you don’t know the person or haven’t heard of the company.

If you think you are a target of a binary options scam, contact the Securities Division at 306-787-5645 or www.fcaa.gov.sk.ca/contact/.

For information on how binary options scams work visit www.fcaa.gov.sk.ca/binaryoptions.

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For more information, contact:

Shannon McMillan
Financial and Consumer Affairs Authority
Regina
Phone: 306-798-4160
Email: shannon.mcmillan@gov.sk.ca

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