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 online platform that allows users to trade in binary options.
“Flashy websites with Canadian telephone numbers can give the impression that a company is registered to trade in Saskatchewan,” FCAA Director of Securities Dean Murrison said. “However, an investor should always check www.aretheyregistered.ca to determine if the company is registered before sending it any money.” A Saskatchewan resident came across the website, www.lionexo.com, that had Canadian contact information, and opened an account. After registering, representatives from Quattro and Lionexo phoned and emailed the resident to talk about trading in binary options. Quattro and Lionexo are not registered to trade in securities or derivatives in Saskatchewan. Anyone contacted by Quattro or Lionexo should contact the FCAA Securities Division at 306-787-5936.