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Italy’s National Commission for Companies and the Stock Exchange (CONSOB) warned on Monday binary options brokerage GMOption and its affiliates LinkGM Ltd. and BT Systems Ltd. are not authorized to provide investment services in the country. They are not allowed to carry out any business in Italy.
The entities operate the website www.gmoption.com. The Italian watchdog did not provide details.
On its website, the broker provides a UK-based address. It, however, provides no information regarding regulation.
GMOption has programs for introducing brokers (IBs) and affiliate partners. It offers a web-based platform for trading in binary options on a wide range of products, including currencies, cryptocurrencies, metals, commodities, energies, indices, stocks, and others.
In Italy, as in any other EU member, financial intermediaries, including forex and binary options brokers, are not allowed to op erate without the proper authorization from the local authorities or the relevant regulator of any other EU country. If a broker is licensed in any EU member state, the license allows it to provide services in the rest of the union.
The CONSOB has publically attacked binary options, together with spot forex and contracts for difference (CFDs) for being “highly-speculative, risky and complex forms of financial investment” and not suitable for most investors.
When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySEC, FCA, and CFTC/NFA, among others.