Switzerland’s FINMA warns of uBinary binary options broker

Switzerland’s FINMA warns of uBinary binary options broker

- in All News, Warnings

Switzerland’s financial regulator FINMA has added the uBinary binary options broker to its warning list, but does not provide much detail, besides that it has an address in Zurich.

Perhaps the reason for the warning is that the broker does not seem to be regulated – neither on the Marshall Islands where the owner of the broker UB Innovation Limited is registered, nor appears on the lists of authorized securities dealers in Switzerland. According to its website, the company is headquartered in Scotland.

It seems, however, that uBinary has changed hands, as some binary options brokers sites claim it was owned by a company registered in Belize – PPT Capital Ltd. and was based in London. According to a warning against uBinary of the  Australian Securities and Investments Commission (ASIC) form earlier this year, it had a bank account to the name of Option Logic Ltd, registered in the Sofia branch of UniCredit BulBank.

Considering the bad rap of unregulated binary options brokers, perhaps it is wiser for investors to be wary and choose a regulated broker, even though they are not that much better than the unregulated ones. Still, chances of being scammed out of your money by a regulated binary options broker are somewhat smaller.

FINMA is not among the regulators that issue warnings very actively. Recently it warned of another binary options broker – Option888 and of the forex brokerage Ridge Capital Markets.

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