South Africa’s regulator, the Financial Services Board (FSB) has published a warning telling the public that the RBOptions binaries broker is not authorized to provide its services in the country.
The FSB, however, has learned RBOptions has been soliciting residents of South Africa to trade on its platform. “RBOptions is not authorized to render financial services in South Africa and is not a representative of an authorised financial services provider as required by the Financial Advisory and Intermediary Services (FAIS) Act,” the regulator wrote.
Henceforth, the FSB advises investors to be cautious and check the authorization of the companies they want to do business with.
According to FSB’s statement, the broker is domiciled in Canada, but as SMN has already reported, there are no binary options brokers regulated in Canada.
A check on RBOptions’ site revealed it is owned by Zulutoys Limited, with an address on the Marshall Islands. The broker does not provide any regulatory information, but has customer support numbers in Canada, UK, Sweden, Norway, France, Belgium, Australia, New Zealand, Bahrain, South Africa, Switzerland and Singapore. On its Facebook page, the broker provides an address in Toronto, Canada.
This is not the first time the broker appears on regulator warning lists. In 2014 Canada’s British Columbia Securities Commission (BCSC) said RBOptions is not authorized to provide its services in the province.
This, however, does not seem to have stopped the broker from offering its business elsewhere and in April this year Belgium’s Financial Services and Markets Authority (FSMA) has also added its on its roster of unregulated and outright shady companies providing financial services in the country, without having the right to do so. In June RBOptions sprang up in another such list – that of the Australian Securities and Investments Commission (ASIC).