Following a revelation of fake registration addresses in Luxembourg by the local financial authority, Commission de Surveillance du Secteur Financier (CSSF), the Swiss Financial Market Supervisory Authority (FINMA) is the next official regulatory body to scrutinize Royal De Bank and Futur Market. The watchdog has put both binary option brokerages on its negative list of unauthorized institutions.
The list states that both Royal De Bank and Futur Market are not listed in the commercial registry and have no physical presence in Switzerland despite what their websites alleges. In an earlier report by Forex Magnates, we highlighted that the companies have been engaging in questionable business practices, claiming to have offices in Geneva, New York and Bahrain.
How the OKEx Saga Reveals the Need for Decentralized ExchangesGo to article >>
The latest confirmation by FINMA clarifies that the companies have no registration status in Switzerland. Both companies have been listed on the French regulatory body “Autorité des Marchés Financiers) AMF of unauthorized websites offering binary options trading, regularly updated by the French watchdog.