The Comision Nacional del Mercado de Valores (CNMV), the financial regulatory body of Spain, warned investors against being offered products and services from two unregistered companies that are illegally conducting financial services targeting the country’s residents.
The financial watchdog today has updated its warning list by blacklisting AAOption which offers a white-labelled binary options platform from SpotOption. The company is currently operating through the website www.aaoption.com but the site seems down as of writing.
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AAOption is an unlicensed binary options broker owned by Pacific Sunrise LTD. They are located at suite 305, Griffith Corporate Centre P.O. Box 1510, Beachmont Kingstown St. Vincent and the Grenadines. The firm also claimed to have offices in London but after some research, it became clear that it isn’t regulated by the UK Gambling Commission as a binary options provider.
The investment advisory firm IB Inversiones, operating as http://ibinversiones.com/, was also added to the Spanish regulator’s blacklist and the CNMV recommended that investors avoid trading with this brand as it’s not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services.
Some of these brokers have been listed as trading scams by other European financial regulators. This is why the CNMV advises Spanish investors to check its registers before they deposit any fund with a broker, especially if the related broker used aggressive marketing techniques.
Although the financial watchdog didn’t provide specific details, the inclusion of both entities means they are not officially registered in Spain and were thus not authorized to offer trading services to domestic traders.