Approximately a dozen Israel and Cyprus-based binary options brands are in the process of freezing or closing their corporate bank accounts without prior warning, according to reports from several independent sources made directly to Forex Magnates. The brokers in question are unregulated, and mostly target the French market. Forex Magnates has learned that in several cases the step was preceded by clients’ complaints.
SquaredDirect’s CEO Youssef Barakat Talks Rebranding EffortsGo to article >>
This report comes amid constant warnings by financial watchdogs against unregulated binary options trading providers. In May, The French financial regulator, the Autorité des Marchés Financiers (AMF), issued an updated list of binary options providers who are unauthorized in France. The AMF accuses the brokers of aggressive internet advertising campaigns, which claim to offer exceptionally high yields in very short periods of time.
Forex Magnates is working to verify more details, including the names of the brands and will update accordingly.