Japan’s FSA updates warning list with forex, binary options brokers

Japan’s FSA updates warning list with forex, binary options brokers

- in All News, Warnings
FSA Japan

Japan’s watchdog, the Financial Services Agency (FSA) has updated its warning of financial services providers, who are not authorized to offer their services to Japanese residents. It has added the forex brokers Brilliant One Forex, Trading Point and iTrader FX and the binary options brokers Binext Global and BinaryTilt.

The first forex broker on the list – Brilliant One Forex – operates from the website http://brilliantoneforex.com/. According to it, its address is on the Seychelles and it “ has received the approval by the Seychelles Government of the Republic (Republic of Seychelles) (registration number 153612)”. This, however, does not mean that it is a regulated forex broker.

Trading Point (Seychelles) is obviously a clone of a registered and regulated forex broker of a very similar name – Trading Point Holdings Ltd. The “original” operates a forex brokerage on the website www.xm.com and is regulated by the Cyprus and Australian regulators – the CySEC and the ASIC, respectively. It also has registrations in a number of EU countries, including the UK, Germany, Sweden, Italy, France and several others.

iTraderFX also seems to be a clone – of an Israeli forex broker of the same name. The clone is apparently aiming at Japanese clients as its website, http://www.itrader-fx.com/, is in Japanese. Its owner, Star Material Asset Management, provides a business address in Auckland, New Zealand. The “original” broker of the same name is owned by Wave Media Trade ans is registered in Israel.

According to the FSA, the Binext Global binary options broker is owned by the company Binext Solutions Srl, with an address in Romania. A check of the SMN staff revealed that a company of this name does not seem to exist, but there is a company Binext Global with an entry in UK’s Companies House company registry.

BinaryTilt, a binary options broker owned by Chemmi Holdings Limited with an address and registration in the UK. According to its website, it is a subsidiary of Depix Holdings Limited registered in the offshore St. Vincent and the Grenadines.

Another company on the list – Gallop Sea Limited, claiming to operate the financial services company Galaxy Market, according to the FSA is “unknown”.

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