The Canadian Securities Administrators (CSA) – the body unifying all regional financial markets and services regulators – has announced the implementation of Multilateral Instrument 91-102 Prohibition of Binary Options. (https://www.forexbrokerz.com/news/Canada-explicitly-bans-binary-options)This makes it illegal to advertise, offer, sell or otherwise trade binary options shorter than 30 days with any individual residing in Canada.
Until now, in order to offer its services, a binary options broker had to have a license from the respective provincial regulator in the country. There were no licensed brokers, but this did not mean trading in binary options was explicitly forbidden, nor did it stop various scam companies to defraud Canadians. According to the Chair of the CSA, “Binary options are the leading type of investment fraud facing Canadians today, and the impact of this kind of scam on individuals is staggering.”
Until now, in order to offer its services, a binary options broker had to have a license from the respective provincial regulator in the country. There were no licensed brokers, but this did not mean trading in binary options was explicitly forbidden, nor did it stop various scam companies to defraud Canadians. According to the Chair of the CSA, “Binary options are the leading type of investment fraud facing Canadians today, and the impact of this kind of scam on individuals is staggering.”
