Exactly two week ago, Finance Magnates revealed that the binary options brand Base2Trade was linked to Clint Canning, the operator behind the alleged FX World scam. The website’s firm seems to have been taken down completely.
UPDATE: A couple of hours after this publication the site suddenly reappeared but with new account opening operations still not responding. The site has tried to allay the fears of its clients with the following message: “Dear valued customer, we have recently gone through a management change and office relocation. We apologise for the recent lack of communication. As of Monday we will be back to normal and look forward to speaking to you and assisting you with your enquires. The changes we have made are for the benifit [sic] of our customers and we hope you enjoy the new experience with us.”
Last month the site was still operational, but for some clients who tried to open an account a message popped up informing that the company cannot accept UK-based clients. While this same message appeared for viewers of several non-UK locations, few others were allowed to proceed with the process. This is no longer an option and no sign has been given for the shutdown, implying the persons behind it are now trying to cover their tracks.
The City of London Police are already reportedly investigating a case of fraud related to the bankrupt broker, FX World Managed Account Ltd (FXWMA). According to various sources, including a string of directorate filings in the UK , it seems that Mr. Canning has also embezzled millions from clients of his binary option brokerage.
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Furthermore, the head of the brokerage has taken flight, leaving both employees and service providers at a loss regarding their funds and salaries. Two industry sources familiar with the inner workings of Base2Trade have confirmed to Finance Magnates that the brokerage has ceased all operations due to its owner having fled the UK to Dubai, perhaps with the missing client money that has lead to the investigations.
Launched in the beginning of 2014, Base2Trade is based in London and registered in Anguilla, the British West Indies. While it was still operational last month, the website presented a fast-paced trading environment, inviting clients to “take advantage today” of a “crazy June” offer.
The social media accounts of Base2Trade (Facebook and Twitter) also appear to have stopped updating with original posts from about December 2014. Except for automatic how-many-new-follower posts on Twitter, the only social media activity around the company are the many unanswered client complaints on its Facebook page, starting from June 11th.
During our investigation of the story, we found initial evidence of additional brokerages which may have been operated by Mr. Canning. Finance Magnates will keep you updated should new information surface. Make sure to read the fascinating full length exposé on Mr. Canning’s whereabouts.