Hong Kong’s Securities and Futures Commission (SFC) has issued a statement cautioning investors about 72-Option, which has been offering binary options via an online trading platform to the public without being authorised to do so, according to an SFC statement.
72-Option is the latest binary options broker to be included on the watchdog’s warning list which comes in parallel with a statement on its website warning residents about the increase in binary options solicitations. At this time, no binary options trading companies are registered in Hong Kong so these platforms are engaging in illegal activity.
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The named broker is operating from the site www.72option.com, and lists its addresses at Sofia, Bulgaria. This brand is owned and operated by Epic Ventures Ltd., and according to the SFC it uses a bank account in Hong Kong in the name of Luxury Billion Ltd. for settlement. The watchdog added that the unregulated firm is not located in the region although it may be using the details of a legitimate company to confuse investors.
The SFC routinely warns about such entities and scams operating in Hong Kong, one of the region’s paramount financial markets.
Presently, the SFC’s comprehensive Alert List features the names of businesses that have come to the attention of the watchdog because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.