The financial markets regulator of Canada’s Quebec – AMF, has updated its “Black List” of unauthorized trading platforms targeting investors in the Canadian province.
The latest additions to the list are 19 companies, thus taking the total number of blacklisted brokers to 73. As usual, the watchdog notes that the list is not exhaustive.
AMF notes the risks associated with binary options trading and stresses that at present there is not a single company authorized to offer binary options trading in Quebec.
AMF President and CEO Louis Morisset said:
“No business is currently authorized to market or offer binary options in Québec. Over the past few months, we have seen a spike in reports and calls to our Information Centre about binary options offered on-line. We are especially concerned that consumers who have been enticed by promises of attractive payouts, not only here in Québec, but elsewhere around the world as well, will never see their money and have exposed themselves to a high risk of identity theft and fraud”.
The regulator reminds investors that online derivatives trading is a regulated activity in Quebec and that any business that wishes to create or market a derivative in Quebec must apply to the AMF for qualification before the derivative is offered to the public. In addition, qualified businesses must offer derivatives to the public through a derivatives dealer duly registered with the AMF, or register with the AMF as a dealer. Finally, qualified businesses must be authorized by the AMF to market each derivative product they wish to offer to the public.
Below is the AMF’s updated list of websites operating illegal trading platforms in Quebec. The 19 platforms most recently identified as suspicious and which are not authorized to market or offer investment products and services in Quebec are displayed in bold.
The full announcement from Quebec’s AMF can be viewed by clicking here.