FCA Warns Against Binary Options Broker CTOption
- The company didn’t claim a specific regulatory status but it is still unauthorized to target UK residents.
The United Kingdom financial regulatory body, the Financial Conduct Authority (FCA), today warned that it believes a UK-based company under the name CTOption has been providing financial services or products without regulatory permission, according to an FCA announcement.
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Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
The address details of the suspicious company are: 2 Woodberry Grove, London, N12 0DR, and it can be found under the web address https://ctoption.com. The site is owned and managed by InfiniCore Ltd. Saint Vincent.
A visit to the broker’s website reveals its attempt to mislead investors that it is offering a legal product through providing indirect hints about its regulatory status. However, the FCA confirmed today that the firm lacks such authorisation and secondly that CTOption should have been licensed and regulated by the UK Gambling Commission, according to the current regulatory framework of binary options trading in the UK.
The FCA noted in its warning that although not all financial service providers in the UK market need to be authorized, most of them are, however this is not the case with CTOption. It went on to remind market participants that victims of fraudulent entities will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
The growth of the binary options market and concerns about consumer protection have prompted the UK Government to consult on proposals to treat binary options as a financial rather than a gambling product. This would mean binary options would be regulated by the financial watchdog, in line with practice across most of the EU.
Finance Magnates reported recently on the British watchdog when an FCA executive told the FT that it is considering the approval of a “small but significant number of firms” that use Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology within the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term industry.
The United Kingdom financial regulatory body, the Financial Conduct Authority (FCA), today warned that it believes a UK-based company under the name CTOption has been providing financial services or products without regulatory permission, according to an FCA announcement.
The FM London Summit is almost here. Register today!
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
The address details of the suspicious company are: 2 Woodberry Grove, London, N12 0DR, and it can be found under the web address https://ctoption.com. The site is owned and managed by InfiniCore Ltd. Saint Vincent.
A visit to the broker’s website reveals its attempt to mislead investors that it is offering a legal product through providing indirect hints about its regulatory status. However, the FCA confirmed today that the firm lacks such authorisation and secondly that CTOption should have been licensed and regulated by the UK Gambling Commission, according to the current regulatory framework of binary options trading in the UK.
The FCA noted in its warning that although not all financial service providers in the UK market need to be authorized, most of them are, however this is not the case with CTOption. It went on to remind market participants that victims of fraudulent entities will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
The growth of the binary options market and concerns about consumer protection have prompted the UK Government to consult on proposals to treat binary options as a financial rather than a gambling product. This would mean binary options would be regulated by the financial watchdog, in line with practice across most of the EU.
Finance Magnates reported recently on the British watchdog when an FCA executive told the FT that it is considering the approval of a “small but significant number of firms” that use Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology within the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term industry.