The Swiss financial markets regulator FINMA has issued a warning against the Geneva Option binary options broker.
In its typical laconic style, the watchdog only noted the broker, based in the Geneva canton, is not registered in the Swiss commercial register, which means it is not authorized to provide its services in the country.
According to the broker’s site, it is operated by HAS Group Ltd, based on the Marshall Islands – an offshore zone preferred by many unregulated forex and binary options brokers. The site mentions another company as well – UKS Solutions Limited, with an address in London.
It seems that Geneva Option is a new binary options broker, but is already scamming people out of their money. According to a post on the Forex Peace Army forum from the beginning of December, the broker has withdrawn without authorization a significant sum from an Australian client credit card and is unwilling to return it.
According to some other posts, HAS Group also operated other fraudulent binary options sites: Suisse Option and Option Magnates. An SMN check revealed that their sites are quite similar.