NSSC issues second warning about unregistered binary options firm

Nova Scotia’s provincial regulator is alerting the public that at least two investors in the province have lost money as a result of dealing with Magnum Options

By: James Langton
April 10, 2017 February 28, 2019
14:15

The Nova Scotia Securities Commission (NSSC) issued a second warning about Magnum Options, an unregistered binary options firm, in the past six months on Monday, alleging that it continues to target investors and is not registered to sell securities in the province.

The NSSC first issued an alert about Magnum Options, which is operated by Hampshire Capital Ventures Ltd., in November 2016, following similar warnings from regulators in Manitoba and British Columbia.

In Monday’s alert, the NSSC says that at least two investors in Nova Scotia lost money after seeing ads for Magnum Options on Facebook and opening online accounts. Once again, the regulator is warning investors against dealing with firms that are not registered.

Last month, the Canadian Securities Administrators (CSA) announced the launch of a task force dedicated to combating firms that offer binary options trading in Canada. At the time, the CSA said its task force was working with online advertisers and mobile companies to eliminate binary option advertising and mobile apps in Canada. The CSA also noted that it was working with the fraud teams at credit card companies and financial services institutions to cut off funding for these schemes.