French Watchdog Warns Against its Own Fake Clone Scam Website
- Illegally using the name and logo of a regulator to gain referral commissions is a whole new level of criminal entrepreneurial audacity.
France’s financial market regulator, the Autorité des Marchés Financiers (AMF), has issued a warning today against a website that misuses the name and logo of the AMF to promote binary options brokers.
There have been many fake scam website warnings in the past, but mostly in connection with unregulated firms attempting to benefit from the good reputation of a well-established financial institution. The illegal use of the name and logo of a regulator to gain referral commissions is a whole new level of entrepreneurial criminal audacity.
The site in question, www.OptionBinaireAMF.com, is a standard online training guide, and offers a simple comparison of binary options brokers with signup links. The site does not reveal which legal entity is behind it, but the domain name is supposedly registered under Emmanuel Nicolas.
The AMF says the binary options brokers promoted by the site are regulated by the relevant authority in Cyprus (but avoids referring to CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term by name). According to European law, financial firms regulated in any EU jurisdiction, such as Cyprus, should be able to solicit clients in any other EU country, such as France, under a term called "license passporting." However, its seems the AMF does not finds this sufficient.
Today's warning goes further, saying: "given the risks associated with this type of investment, the AMF regularly called on individual investors to avoid Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options trading. The regulator has indeed issued many warning against trading and even routinely publishes a "black-list" of websites.
As a final reminder, the AMF states that the reproduction of the logo is strictly regulated, and should not be used unequivocally in a way that may cause confusion.
France’s financial market regulator, the Autorité des Marchés Financiers (AMF), has issued a warning today against a website that misuses the name and logo of the AMF to promote binary options brokers.
There have been many fake scam website warnings in the past, but mostly in connection with unregulated firms attempting to benefit from the good reputation of a well-established financial institution. The illegal use of the name and logo of a regulator to gain referral commissions is a whole new level of entrepreneurial criminal audacity.
The site in question, www.OptionBinaireAMF.com, is a standard online training guide, and offers a simple comparison of binary options brokers with signup links. The site does not reveal which legal entity is behind it, but the domain name is supposedly registered under Emmanuel Nicolas.
The AMF says the binary options brokers promoted by the site are regulated by the relevant authority in Cyprus (but avoids referring to CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term by name). According to European law, financial firms regulated in any EU jurisdiction, such as Cyprus, should be able to solicit clients in any other EU country, such as France, under a term called "license passporting." However, its seems the AMF does not finds this sufficient.
Today's warning goes further, saying: "given the risks associated with this type of investment, the AMF regularly called on individual investors to avoid Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options trading. The regulator has indeed issued many warning against trading and even routinely publishes a "black-list" of websites.
As a final reminder, the AMF states that the reproduction of the logo is strictly regulated, and should not be used unequivocally in a way that may cause confusion.