Japan’s FSA warns of FXDD, other unregistered brokers

Japan’s FSA warns of FXDD, other unregistered brokers

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Japan’s regulator, the Financial Services Agency (FSA) updated its list of unregistered financial services providers. According to the watchdog, they solicit Japanese residents for over-the-counter (OTC) derivatives trading, without having the necessary license to do so.

The first one on the updated list is FXDD Trading Ltd., registered on the Bermuda islands. FSA notes that it offers a service, named FXDD, which is the same as a service, offered by the forex broker FXDD Malta, regulated in the EU, but apparently not in Japan. It has been warned by the Japanese watchdog for operating without license in 2011.

Megaworld Financial Services Ltd, registered in the UK, and a clearing company of Entex Global Group Ltd. is also on the list for the Dashoption binary options trading platform.

BitPlutos, a forex trading and binary options platform, owned by Exclusive, regulated in Gibraltar, is also on the list of unregulated by the FSA entities list.

The Japanese regulator has also updated the list of companies, imitating the names and services, offered by other companies – both regulated and unregulated. On this list is the local company Axcess, which offers the investment service “Nikkei Support Center”. The authority notes, that the familiar name “nikkei” can easily mislead Japanese customers, who might think this is somehow connected to the Nikkei indices.

In February the watchdog has put on its warning list another set of unregistered binary options brokers.


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