Financial Binary, BinaryFX and PRIME FMS on Regulators' Radar

The Spanish government agency responsible for financial regulation has warned that PRIME FMS is not authorized to provide investments services.

Financial watchdogs around the world continue to warn their local traders and investors against operating with unregulated entities. While a warning might serve to guide a client away from a scam and towards a reputable broker, sometimes they are only issued long after the fraud has already been committed. Today, regulators have released warnings against unregistered firms in three jurisdictions.

CONSOB, the Italian government authority responsible for regulating the securities market (Commissione Nazionale per le Società e la Borsa) has warned against Financial Binary. The watchdog did not offer any details and the site has security procedures making it accessible to clients only.

A regional watchdog in Japan, the Kanto Local Finance Bureau (encompassing the Greater Tokyo Area), has issued a warning against BinaryFX. According to its website, the brand is operated by CASPOMAT LTD. a private company registered in London, which does not claim to be regulated by the UK FCA.

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CNMV, the Spanish government agency responsible for financial regulation (Comisión Nacional del Mercado de Valores) warned today that PRIME FMS is not authorized to provide investment services in Spain. This is a good example of the ineffectiveness of some watchdogs considering that the website was shut down without notice last month, leaving customers with no apparent way to get their money back.

Moreover, back in November 2014, the British financial regulator, the FCA, issued a warning to the public that the Prime Financial Management Services Limited (Prime FMS), which claimed to be based in London,  has been offering its financial services to UK citizens without authorization and license.

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