The Austrian Financial Market Authority (FMA) issued warnings about two binary options related entities today, operating in the country without a license.
The Austrian regulator explains that an unlicensed provider is not entitled to provide investment services in Austria requiring a licence. The provider is therefore not allowed to perform commercial portfolio management by managing portfolios for individual customers who authorise a certain degree of management discretion where the customer portfolio contains one or more financial instruments.
The first warning is about the website www.ukoptions.com. According to its website, UK Options is a UK-registered company operated by Worldwide Tech Limited, 1st Floor, 2 Woodberry Grove, London – a subsidiary of Smartech Limited.
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The second entity warned against by the Austrian watchdog is www.100percentprofitbot.com. This is a website promoting a binary options robot. Interestingly, the marketing video for this robot claims that all other robots sold in the same manner are scams, working with the brokers against the clients and that only this robot is the real deal.
The FMA explains its motivation and says that, pursuant to the 2007 Securities Supervision Act, it discloses to the general public by publication on the Internet, in the official gazette “Amtsblatt zur Wiener Zeitung”, or and additional newspaper with nationwide circulation, that a particular natural or legal person is not entitled to carry out certain investment services, provided this person has given cause for such action and informing the general public is deemed necessary and reasonable in the light of possible disadvantages for those concerned.