Local Watchdog Warns Against Binary Options Firm Not Licensed to Operate in Spain

Monday, 29/02/2016 | 14:30 GMT by Damian Chmiel
  • EmpireOption has been blacklisted by the Spanish regulator due to unlicensed trading activities on the local market.
Local Watchdog Warns Against Binary Options Firm Not Licensed to Operate in Spain

Spanish Comisiรณn Nacional del Mercado de Valores (CNMV) has issued an official statement against a binary options broker, EmpireOptions. In the statement published today we read that the entity allegedly does not have the appropriate licenses or authorization necessary to provide investment services in accordance with the Spanish Securities Markets Law.

The brokerageโ€™s official website (empireoption.com) states that the brand belongs to the Brighton Digital Services Ltd, headquartered in London. It is impossible however to find any detailed info regarding any authorization, whether issued by the Spanish authority or international market watchdogs.

The CNMV has recently been very active when it comes to auditing local markets. This year, the entity has already issued several warnings against the activities of unregistered investment firms. As Finance Magnates reported, the list was most recently updated on February 16th. A cautionary notice was delivered against Forex and commodities broker FXMARKER and binary options brokerage Imperial Options. As in the case of EmpireOption, the companies did not have licenses allowing them to provide investment services.

The CNMV is the agency in charge of supervising and inspecting the Spanish Stock Markets and the activities of all participants in these markets. The CNMV should ensure the transparency of the local industry and investor protection. For this purpose, it mostly monitors market developments and the offerings of investment entities.

Spanish Comisiรณn Nacional del Mercado de Valores (CNMV) has issued an official statement against a binary options broker, EmpireOptions. In the statement published today we read that the entity allegedly does not have the appropriate licenses or authorization necessary to provide investment services in accordance with the Spanish Securities Markets Law.

The brokerageโ€™s official website (empireoption.com) states that the brand belongs to the Brighton Digital Services Ltd, headquartered in London. It is impossible however to find any detailed info regarding any authorization, whether issued by the Spanish authority or international market watchdogs.

The CNMV has recently been very active when it comes to auditing local markets. This year, the entity has already issued several warnings against the activities of unregistered investment firms. As Finance Magnates reported, the list was most recently updated on February 16th. A cautionary notice was delivered against Forex and commodities broker FXMARKER and binary options brokerage Imperial Options. As in the case of EmpireOption, the companies did not have licenses allowing them to provide investment services.

The CNMV is the agency in charge of supervising and inspecting the Spanish Stock Markets and the activities of all participants in these markets. The CNMV should ensure the transparency of the local industry and investor protection. For this purpose, it mostly monitors market developments and the offerings of investment entities.

About the Author: Damian Chmiel
Damian Chmiel
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
  • 1609 Articles
  • 36 Followers

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