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Furthermore, dealing with an offshore broker is always a bad option because it is difficult to persecute them, even if they are licensed and regulated. The broker would often deny any withdrawal requests or use the credit card information provided to make illegal withdrawals.
This is why the institution finally banned binary options as a final measure. There are very short period binary options, going as low as 1 minute. The CSA equated such binary options with get-rich-quick schemes which the brokers use to lure in Canadians.