France’s financial regulator – AMF – has added seven more binary options brokers to its warning list. The watchdog says it could not clearly identify an authorized investment services provider, i.e. those brokers are most likely not regulated and can do pretty much whatever they please.
The 7 new additions to AMF’s warning list are the following:
In its publication the AMF notes that the list is by no means exhaustive, as the websites may change very quickly. The regulator advises investors to check the register of financial agents https://www.regafi.fr, or the list of authorized intermediaries in the categories financial investment adviser or participating investment adviser https://www.orias.fr/search. “If the intermediary in question is not on these lists, we strongly recommend that you should not make use of their services, as they are in breach of the applicable legislation and are not required to comply with basic rules of investor protection, information disclosure and claims handling,” the AMF notes.
AMF is always on the warpath against unregulated forex and binary options brokers and regularly updates its warning list. Even more so after its report from earlier this year revealed that in six years the losses from online trading on “fraudulent sites” reached the staggering 4 billion euro. The same report noted soaring numbers of complaints against forex and binary options brokers in France.
In the summer the regulator went as far as proposing the altogether ban of advertising of forex and binary options brokers, be they regulated or not.
In August AMF banned the 24Option binaries broker from operating in France, even though it is properly regulated in Cyprus and can do business in all 28 EU member states.