ASIC warns Binary Uno binary options broker may be a scam

ASIC warns Binary Uno binary options broker may be a scam

Australia’s financial services provider regulator, the Australian Securities and Investment Commission (ASIC) has issued a warning against the unregulated binary options broker Binary Uno.

In a post on its Money Smart advisory site, the ASIC says Binary Uno “could be involved in a scam”. “Do not deal with this business as it is unlicensed in Australia“, the ASIC writes.

According to the watchdog, Binary Uno has sent out unsolicited e-mails and has cold-called clients about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit license from ASIC.

It appears Binary Uno is owned by Smart Choice Zone Lp in Scotland.

Binary Uno offers trading in pairs, long term, sixty seconds, one touch, ladder and forex binary options. It, however, does not provide any regulatory information.

This is not the first time this binary options gets in the regulators’ sights. Canada’s  British Columbia Securities Commission (BCSC)  has also warned against it, but has listed another site owner.

In the past few months the binary options brokers – regulated and unregulated ones have found themselves in hot water, with some of them, like Banc De Binary renouncing their Cyprus license shuttering their European business. Most recently, media reports claimed the Cyprus-regulated broker 24Option will close its Israeli-based call center and will move it elsewhere.

Meanwhile, a number of regulators are taking various measures against the binary options as a high risk product. France’s AMF has banned their advertising, Belgium has banned trading in them altogether, while other regulators like the ones of Holland the Germany are mulling restrictions. Israel, which is known as a hotbed of the binary options industry, is considering a ban on offering them to clients abroad, more than a year after it banned it for Israelis.

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