The Malta Financial Services Authority (MFSA) has warned of the deceptive business activity of binary options brokerage Stock Binary, which does not have the appropriate license or authorization to provide investment services in the country or abroad.
According to an official statement issued by the MFSA, the contact information section of the brokerage’s website (stock-binary.com) misleads potential clients using detailed data of another company registered by the local watchdog.
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On the main page of the allegedly dishonest firm one can find address of another entity, Binary Investments, which received its license on April 22, 2015. According to the information contained therein, the headquarters of Stock Binary are be located in Mompaloa Building, Suite Tower Road in Msida (Malta), although the two entities are not associated in any way.
The regulatory body warns against conducting transactions with the aforementioned binary options firms, and to be aware of the increased risk caused by the lack of authorization required to provide financial services in Malta and the European Union.
Finance Magnates reported on the activities of the MFSA in March, when it canceled the license of FX-CAM, formerly known as Capital Markets Ltd, in connection with alleged violations. According to sources, there hasn’t been a single client or customer’s equity left at the company for more than six months.