The Nova Scotia Securities Commission (NSSC) is warning investors about another binary options trading platform that appears to be targeting Canadians.
The NSSC issued an alert on Friday warning that firms known variously as Canuck Wealth, Canuck Method and Binary Online, are not registered to sell securities in the province. The regulator reports that the firm and its representatives are soliciting investors by telephone to trade in binary options.
Canadian regulators have repeatedly warned investors about binary options trading, which essentially involves betting on the performance of a particular underlying asset over a given time period. Not only are the products inherently risky, but regulators say that many binary options trading platforms are unregistered and based overseas.
The NSSC is urging investors to “exercise extreme caution” when they deal with firms that are not registered, stressing that it is illegal to solicit investments without registering and complying with securities laws.
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