Canadian Consumer Commission Weary of Binary Options, Bitcoin
by
Adil Siddiqui
Canadian financial services watchdog in New Brunswick has issued a note to investors warning them about possible investment scams. Binary options and digital currencies were identified as emerging threats.
A consumer protection authority in the eastern part of Canada has issued a note on its website warning users about possible investment threats. The Financial and Consumer Services Commission (FCNB) noted that it had identified emerging threats facing investors in 2015, including schemes involving binary options, marijuana-related businesses, stream-of-income investments and digital currency. The move comes as Canada's main financial regulator continues its onslaught against binary options and non-regulated brokers.
The watchdog published the note on its website with details of the threats. The news comes on the back of a report conducted by the Enforcement Section of the North American Securities Administrators Association (NASAA) mentioning a total of four approaches.
Jake van der Laan, director of enforcement with the FCNB, commented about the notice. He said, "Many of the emerging threats facing investors involve classic schemes adapted to new products.
"We are seeing classic ways of scamming people being very quickly adapted to emerging trends, largely as a result of the Internet.”
Regulators are concerned that vulnerable investors may be duped by fraudsters who sell lucrative investments under the banner of new technology products. In the note, the regulator outlines four emerging threats, including binary options, marijuana-related businesses, stream-of-income investments and digital currency.
Binary options and virtual currencies are believed to be the new in-thing for providers operating in the $5.3 trillion a day FX markets. Firms looking to target Canada are facing an uphill battle as the regulators continue to place burdens on firms offering financial derivatives products to Canadian traders.
Binary options are financial derivatives products that are regulated in Europe and the United States. Recently, US-regulated Binary Options Exchange reported that it will be launching on-exchange bitcoins.
Digital currencies are contract-based products that are gaining traction as they increase their popularity among investors. Although the currency is not backed by a central bank or physical instrument, Canada's deputy governor at the central bank commented about digital currencies and the possibility of recognition by authorities.
A consumer protection authority in the eastern part of Canada has issued a note on its website warning users about possible investment threats. The Financial and Consumer Services Commission (FCNB) noted that it had identified emerging threats facing investors in 2015, including schemes involving binary options, marijuana-related businesses, stream-of-income investments and digital currency. The move comes as Canada's main financial regulator continues its onslaught against binary options and non-regulated brokers.
The watchdog published the note on its website with details of the threats. The news comes on the back of a report conducted by the Enforcement Section of the North American Securities Administrators Association (NASAA) mentioning a total of four approaches.
Jake van der Laan, director of enforcement with the FCNB, commented about the notice. He said, "Many of the emerging threats facing investors involve classic schemes adapted to new products.
"We are seeing classic ways of scamming people being very quickly adapted to emerging trends, largely as a result of the Internet.”
Regulators are concerned that vulnerable investors may be duped by fraudsters who sell lucrative investments under the banner of new technology products. In the note, the regulator outlines four emerging threats, including binary options, marijuana-related businesses, stream-of-income investments and digital currency.
Binary options and virtual currencies are believed to be the new in-thing for providers operating in the $5.3 trillion a day FX markets. Firms looking to target Canada are facing an uphill battle as the regulators continue to place burdens on firms offering financial derivatives products to Canadian traders.
Binary options are financial derivatives products that are regulated in Europe and the United States. Recently, US-regulated Binary Options Exchange reported that it will be launching on-exchange bitcoins.
Digital currencies are contract-based products that are gaining traction as they increase their popularity among investors. Although the currency is not backed by a central bank or physical instrument, Canada's deputy governor at the central bank commented about digital currencies and the possibility of recognition by authorities.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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