Released on October 25, 2016
The Financial and Consumer Affairs Authority (FCAA) is warning people about binary option website scams and offering tips so people can protect their money. Binary options are bets on whether an asset (currency, stock etc.) will go higher or lower in price at a certain point in time. Currently there are no websites or online trading platforms registered or authorized to sell binary options in Canada.“If people come across a trading website that offer high returns for little investment, they need to think twice about entering their credit card information or sending money offshore and call us,” FCAA Securities Enforcement Deputy Director Ed Rodonets said.
- 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.
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