Belgian Regulator Publishes List of Unauthorized Binary Brokers

The Belgian Financial Services and Markets Authority (FSMA) has issued an announcement detailing a full list of companies which are not authorized to operate in the country. The watchdog reiterated in a statement that it has been frequently publishing warnings against the activities of certain entities offering binary options and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term in the country without authorization.

In addition to the forex and binary operators, the regulator added a list of known boiler room scams. Those are normally associated with investment fraud and companies looking for clients, soliciting them to commit financial resources for investing.

The list of companies which can be found below is not complete according to the FSMA. With several warnings issued in the past against unregulated entities, the Belgian watchdog has taken a decisive decision to put all illegally firms operating under the radar into a single group.

The service providers would have to obtain a regulatory license in Belgium either through a direct application with the FSMA or passporting through an existing financial services license from another country within the European Union.

All firms which are willing to legally operate in the country also have to submit a prospectus for approval by the FSMA. The procedure is obligatory for all companies which offer investment instruments to the residents and citizens of Belgium.

The regulator also highlights that currently not a single binary options company covers all the regulatory requirements for Belgium.

Following is the full list provided by the FSMA of binary options and forex brokers identified by the regulator to be operating in the country without proper authorization. Marked with a single asterisk are the binary options and forex brokers, boiler rooms scams are marked with two asterisks.