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The Australian Securities and Investments Commission (ASIC) issued on Thursday a notice regarding several binary options brokers that are not authorized to operate in Australia, but nevertheless do so.
These entities are:
- Go Trading Technologies Ltd. (trading as GOptions),
- Oracle Stone Ltd. (trading as Porter Finance),
- Cheshire Capital Ltd. (trading as Boss Capital),
- Changecapital SM Ltd. (trading as Max Options),
- Bloombex Ltd. (trading as Bloombex Options),
- CIT investments Ltd. (trading as Citrades),
- Zulutoys Ltd. (trading as RBoptions), and
- Omni Capital Ltd./Omni Global Solutions SRL (trading as OptionsXO).
The regulator said that the above-listed entities are targeting Australian citizens and allowing them to open lice accounts. They are marketing their trading services to Australians in such a way that investors are led to believe they are lawfully operating in the country.
The regulator noted that it had made numerous unsuccessful attempts to contact the unauthorized binaries brokers.
The ASIC advice local investors to be cautious and to avoid dealing with these entities until they are authorized to operate in the country. By engaging with financial service providers, investors put their money in a higher risk.
In binary options trading, investors guess whether the price of a certain instrument would go upwards or downwards within a pre-determined time frame. Once the time is up, the option is deemed expired and the bet is settled. Depending on the outcome, a trader either collects a profit, or loses money. Due to its high-risk nature, binary options trading is not allowed in some legislation, while in others it is strictly regulated.
Although this type of trading is not forbidden in Australia, all financial investment companies, including forex and binary options brokers, are not allowed to target local citizens without a local license. Investors who engage with unregulated brokers put their funds at risk. The regulator maintains a register with all authorized entities and regularly issues warnings against unauthorized entities.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.
Source: ASIC