ASIC Warns Australian Traders against BinaryTilt’s Illegal Activity

The Australian financial watchdog has alerted investors that the binary options brokerage could possibly be a scam.

The Australian Securities and Investments Commission (ASIC) has released a statement warning traders of BinaryTilt, as the online binary options trading firm has been soliciting clients without a license. The Australian regulatory body voiced its concern that the company might be running or involved in a scam operation in an announcement.

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BinaryTilt has been caught making unsolicited phone calls and sending emails regarding financial and investment related advice, loans, and credit to clients. ASIC even went one step further, and warned against the brand’s operator Chemmi Holdings Ltd. Neither of the two entities seem to have an Australian Credit license from ASIC or an Australian Financial Services (AFS) license. Consequently, ASIC strongly advises against traders signing up or investing funds with these firms.

Two weeks ago, Japanese regulatory authority Kanto Local Finance Bureau alerted local traders of several online trading companies, including none other than BinaryTilt. The blacklist included a number of firms, with the Cyprus Securities and Exchange Commission (CySEC) authorized brokerage XM.com standing out among the rest. According to the Japanese trading laws, only firms that are authorized and licensed by the Japanese Financial Services Authority (JFSA) are allowed to scout and recruit local investors.

About the same time, the Australian regulator had issued a warning against Campbell Investments Limited, a self-proclaimed wealth management company. This online trading firm has also been soliciting potential clients without the mandatory licenses, which led the Australian financial watchdog to wonder about the legitimacy of this establishment.

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