FINMA, the Swiss Financial Market Supervisory Authority, has updated its blacklist of companies that are illegally conducting financial services targeting Swiss residents.
The newly-listed company is a binary options broker named Brokers Option. The Swiss authority located the company address via its website www.brokersoption.com which reveals that the firm is owned and operated by a Marshall Islands-based entity.
Although the financial watchdog didn’t provide specific details, the inclusion of Brokers Option means it is not officially registered in Switzerland and was thus not authorized to offer its trading services to Swiss traders. Brokers Option also claimed to have offices in London but after some research on our side, it became clear that the firm isn’t regulated either by the FCA as a forex broker nor by the UK Gambling Commission as a binary options provider.
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In the ‘About Us’ section, Brokers Option makes reference to global offices. However, the company didn’t claim any specific regulatory status in these jurisdictions. On its website though, the unregulated firm has only this statement to reassure its clients: “WHEN YOU OPEN AN ACCOUNT WITH BROKERSOPION THE PAYMENT WILL BE CHARGED FROM YOUR CREDIT CARD FOR IMMEDIATELY. IF YOU ARE NOT SATISFIED FROM BROKERSOPTION TRADING PLATFORM FOR ANY REASON, YOU HAVE THE RIGHT TO APPLY FOR A REFUND OF YOUR REMAINING BALANCE.”
Back in September, Finance Magnates reported on FINMA when the authority shut down a cryptocurrency racket as part of its latest efforts to tackle digital currency fraud. Per its latest edict, FINMA’s victim was a fake cryptocurrency provider. It is at the same time pursuing as many as twelve other cases amidst an uptick of fraud in the country.