La Commissione nazionale per le società e la Borsa (CONSOB), an independent statutory body set up to help police the Italy’s domestic securities and futures market, has updated its blacklist with another unlicensed binary options firm, warning about GMoption and its owners LinkGM Limited and BT Systems Ltd.
Presently, the CONSOB warning list features the names of businesses that are unlicensed in Italy and which are also believed to have targeted local investors or made fraudulent claims to be associated with regulated entities.
The binary options broker GMoption, operating as www.gmoption.com, was added to the Italian regulator’s warning list and CONSOB recommended that Italian investors avoid trading with this broker and its affiliates. GMoption’s website is owned and operated by LinkGM Limited, and the company claims to have its address at Tea Factory, Wood Street, Liverpool in the UK.
In addition, the Italian watchdog has published a warning against a list of financial entities that have been listed as trading scams by other European financial regulators. This is why CONSOB advises Italian investors to check its registers before they deposit any funds with a broker, especially if the related broker used aggressive marketing techniques.
Meanwhile, the Italian regulator still hasn’t followed in the footsteps of other authorities in Europe which have recently taken serious steps to curtail binary options activities and stem the flow of unregulated and non-compliant companies. Such serious steps are meant to establish an increasingly hostile environment by imposing further strict regulations, such as prohibiting all online advertising by binary and forex providers in France, and even an outright ban on the industry in some cases.