Binary options trading scams have deployed a new weapon in their fight to dupe investors, namely the utilization of imagery, specifically of renowned Canadian businessman and television and radio personality Kevin O’Leary.
The Ontario Securities Commission (OSC), an administrator and enforcer of securities laws in Canada, has warned investors about fraudulent advertisements featuring Kevin O’Leary. The warning comes on the heels of multiple get rich schemes that have used his photographs and images to promote binary options trading software and platforms.
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Binary options have faced wide-scale backlash in the past year, with some countries opting to ban the use of the trading instrument altogether. There is currently no regulated or authorized binary options trading company operating in Canada, a decision which was reached last year as multiple domestic regulators crack down on its use.
Members of the OSC spoke with representatives of Mr. O’Leary and confirmed that he has not approved the use of his image in any advertisements or related content involving binary options. Moreover, his representatives have also reiterated that he is not promoting or otherwise associated with any binary options trading software or platforms, including the following websites: