The Manitoba Securities Commission (MSC), a Canadian provincial regulator, has warned the public against investing with a list of brand names which appear to be running unauthorized forex and binary options services, according to a regulatory statement.
The latest additions to the MSC’s warning list are two forex and CFDs brands, Shtern Group and Aidan Trading, and the binary options broker Silver Trade.
The three firms were blacklisted by the MSC as they are not registered in Manitoba to engage in the business of trading or advising anyone with respect to investing in securities. The three brands are also not registered to sell securities in Manitoba, or anywhere else in Canada, and have therefore failed to comply with provincial securities laws.
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In its capacity as one of Canada’s provincial regulators, the MSC seeks to protect investors while promoting fair and efficient capital markets throughout the province. The regulator website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorized activities.
In response to escalating binary options scams, provincial and territorial securities commissions across Canada have formed a task force and launched a new dedicated website to crack down on aggressive marketing tactics, cloning and false claims of regulation.
In addition to the Binary Options Task Force, the Canadian Securities Administrators (CSA), comprised of the country’s thirteen key financial market regulators across their respective provinces, launched a new resource site, www.BinaryOptionsFraud.ca. The move is part of a campaign to educate Canadians about binary options scams.
The initiative against binary options activities comes after the Canadian watchdogs received more than 800 reports and inquiries from investors in 2016 alone, which demonstrates that the schemes have become the nation’s most widespread securities fraud threatening the general public and retail investors.