The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a temporary cease trade order against Quattro Enterprises EOOD and Lionexo “as they appear to be operating” an unregistered binary options trading platform, the regulator says in a news release published on Friday.

The firms, which are not registered to trade securities or derivatives in the province, seem to be operating an online platform for trading binary options, the FCAA says.

“Flashy websites with Canadian telephone numbers can give the impression that a company is registered to trade in Saskatchewan,” says Dean Murrison, FCAA director of securities, in a statement.

“However, an investor should always check to determine if the company is registered before sending it any money.”