Australian financial regulation authorities have issued an official warning against Binary Uno. The unregulated binary options brokerage has been flagged by the Australian Securities and Investment Commission (ASIC) as a company that is prospectively involved in a scam.
ASIC is warning that the firm is not authorized to deal in Australia, but has been actively soliciting clients in the region. Binary Uno is said to have made unsolicited calls and emails about investment activities.
The website of Binary Uno is stating that it is operated by a legal entity registered in the UK, Smart Choice Zone LP. The binary options brokerage does not appear to be regulated.
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Unregulated Brokers’ Impact on Industry
Binary options brokers that are not regulated have been soliciting clients worldwide and have contributed to a major crackdown on the industry in recent years. Regulatory agencies across the globe, and in particular from Europe, have pressured the Israeli Securities Authority (ISA) to take active action against companies operating from Israel.
The ISA has worked with Israeli authorities to limit the ongoing activity of such unregulated companies and has proposed an amendment to existing securities laws in the country. Binary options and forex brokerages that are not licensed by the relevant authorities and are operating from Israel are facing tough sanctions, including jail time of up to 2 years for owners of such firms.
Binary options and forex brokers across the European Union have had to go through major changes in order to appease regulators. Last year the Cyprus Securities and Exchange Commission, the UK Financial Conduct Authority, French Authorite des Marches Financiers and German regulator BaFIN introduced new rules aimed at increased client protection.