Consob italy binary options trading in binary options uk
The Canadian Securities Administration has announced a ban on the selling or advertising of binary options to Canadians. The ban will apply to options with expiry periods of 30 days or less. Jason Roy, chairman of the Binary Options Task Force in Canada, recently told The Times of Israel that websites offering binary options without a license has always been illegal.
But the ban sends out an even stronger message. Roy says that by banning options outright, no binary options company will ever be registered in Canada. It differs consob italy binary options trading in binary options uk other investment options, like stocks forex tradingin that traders are essentially betting on which direction the asset will move. The Canadian government is working with credit card companies, banks and technology companies to stop money from moving offshore and to stop advertising of binary options companies.
Roy told The Times of Israel that he hopes Israel and other countries will follow their lead in banning binary options. Other authorities in Europe have also taken steps consob italy binary options trading in binary options uk slow the flow of unregulated companies.
Other countries have taken some sort of action against binary options advertising and fraud, including France, Belgium and the Netherlands. But Canada is one of the first to ban the financial instrument completely. Louis Morisset, chair of the Canadian Securities Administration, says he hopes the ban influences other countries to take similar measures.
A ban will help stop scammers in the industry, which take money from traders and even their personal information in some cases. Because most of the operators are overseas, investors have little recourse to get their money back. Canada established its Binary Options Task Force inand worked with several intermediaries to learn how scammers carry out their scams. Many Canadians have been burned by binary options fraudsters.
Morisset says advertising of binary options is a real problem, particularly on social media platforms. Twitter has already taken steps to ban advertisements of binary options.
The Canadian Securities Administration is hoping to gain support from credit card companies and advertising platforms that make trades possible. In alone, securities regulators in Canada received more than complaints about options scams. The securities regulator has encouraged anyone who has invested with an offshore options platform to contact their territorial or provincial securities regulator immediately.