Danish FSA Warns of Binary Options Brokerages Titan Trade and 23 Traders

The Danish financial markets regulator has added two further binary options brokers to its warning list.

The Danish Financial Supervisory Authority (FSA) announced today that it has updated its warning list for the second time in a week, after recently warning about TechOption. In its latest advisory announcement, investors have been alerted to two further binary options brokerages that have been soliciting their services to consumers without permission.

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The two firms in question are Titan Trade and 23 Traders.

Titan Trade

Titan Trade operates online via the website https://titantrade.com/ and is located at 35 Barrack Road, Belize City, Belize. The brokerage also lists a UK address at 31 Southampton Row, London, UK, which serves as a payment service provider but is not under the jurisdiction of the FSA.

It is not the first time that Titan Trade has come to the attention of financial industry watchdogs. Back in September of last year, the firm made it onto the New Zealand FMA’s warning list for soliciting its services without a licence. Thereafter, the same company was pulled up by ASIC for conducting business in Australia without a licence, and again in April 2016 when Italian regulator CONSOB issued a warning against the firm for the same offence.

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While Titan Trade appears undeterred by the growing number of warning lists it has already made an appearance on, the FSA has now also warned against the firm as it is not allowed to offer services covered by the Financial Business Act in Denmark.

23 Traders

Also added to the list today is 23 Traders, which operates online via www.23traders.com and is based at Hermes Ventures Ltd, The Financial Services Centre, Stoney Ground, Kingstown, St. Vincent and the Grenadines. The firm is authorised and regulated by the VFSC (Vanuatu International Financial Services Commission) but not by the FSA and is therefore not permitted to conduct business with Danish investors.

The FSA’s website (www.finanstilsynet.dk) includes a list of companies that are allowed to offer financial services in Denmark as well as a listing of warnings against companies, so potential traders wishing to check the authenticity of a financial services provider can do so here.

Danish FSA Scope

The main task of the Danish FSA is the supervision of financial undertakings including banks, mortgage-credit institutions and insurance companies. The most important supervision activity is monitoring that undertakings have adequate funds to cover their risks.

The Danish FSA also supervises the securities markets in Denmark, ensuring that listed companies comply with their obligations. It also monitors the markets with a view to intervening in market abuse, including insider dealing and price manipulation.

As well as supervisory activities, the Danish FSA assists in drawing up financial legislation and issues executive orders for the financial area.

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