Japan’s MoF Bureau Warns against Two Unregistered Brokers

Japan’s Kanto Financial Bureau warns that Gold Pegasus Forex and YBinary have not obtained needed registration and warned the public
Photo: (Photo: Bloomberg)

The Kanto finance bureau of Japan’s Ministry of Finance (MoF) has today issued two parallel updates on its website warning against two entities – Y Marketing Services Co Ltd, and Gold Pegasus LTD.

The firms had made solicitations under YBinary and Gold Pegasus Forex, respectively, and the circular highlighted that the entities are lacking registration with the regulator. It cited local supervision rules supporting the advisory warning to clients.

The circular from the Japanese regulator warns that Y Marketing Service Co Ltd, described as located in the UK  under the address 20-22 Wenlock Road, London, England, had no known representatives, and that the name “YBinary” was associated with its offering.

The parallel circular today from the Kanto finance bureau also warned about Gold Pegasus LTD. It has its director listed as Kenichi Kobashi, with a post office box address in the BVI as follows, P.O.Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. Remarks included that its services was provided under the name Gold Pegasus Forex, and offered OTC derivatives transactions online.

the warnings highlight that the two companies mentioned lacked any registration with the Japanese regulator

A facebook post appears to link Kobashi to Gold Pegasus: the url mentioned in the post returns a website that lists the address mentioned in the above warning. The same public facebook profile linked his name to two additional sites including mt4.client.jp.

In addition, cached versions of the url gpfx-ins.com/content/about.html mentions the offering, yet currently that site is returning a page saying that the firm has ceased its business since February 15th.

It says: “We know this comes as disappointing news to our clients, but rest assured that we will do everything we can to take care of each of you in manner of good faith.” It’s not clear where client funds were held, or what their fate will be if this story unfolds further.

Facebook Excerpt
Facebook post excerpt linking the person and company referenced in the warning from the Japanese regulator.

Both warnings from the regulator disclosed how the information was obtained from solicitation materials and could therefore possibly be incorrect or false. Nonetheless, the warnings highlight that the two companies mentioned lacked any registration with the Japanese regulator and this prompting it to inform clients in Japan of the risks of dealing with unregistered firms.

A link to a file from the Japanese Financial Services Authority (JFSA) mentioned both companies in the announcement and which were added to the list of prior warnings.

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