The Financial Conduct Authority (FCA) has issued multiple warnings to investors advising them not to use the services of several unregulated brokerage firms.
The latest regulatory flurry includes forex and binary options brokers that appear to be soliciting and/or accepting funds from UK residents without having obtained FCA registration.
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Echoing previous warnings, the FCA ignores that unauthorized brokers continue to promote unregulated investments, taking money from the general public, and the regulator is powerless to do anything.
According to the City watchdog, many of these entities are acting in a capacity requiring them to be registered with the FCA. Registration allows the agency to provide greater security and oversight of the industry by examining whether firms meet minimum financial standards as well as disclosure, reporting, and recordkeeping requirements.
TitanTrade, which operates through the SpotOption platform, was also added to the British regulator’s blacklist. This is not the first time that TitanTrade has sparked regulatory concerns. Earlier in 2016, Italian financial watchdog CONSOB red-flagged the binary options broker. Moreover, the Ontario Securities Commission (OSC) issued a warning that TitanTrade is not authorized, and the same action was taken by France’s financial market regulator (AMF) in September 2015 when it included TitanTrade in its periodically updated list of unregulated binary options providers. In the same month, the US Commodity Futures Trading Commission’s (CFTC) included TitanTrade in its RED List.
The following brands have been added to the FCA’s blacklist:
- iMarketsLive – http://imarketslive.com
- Fintech Trade – Tradefintech.com
- Capital Force Ltd – www.option888.com
- Option500 – www.Option500.com
- BigOption – www.bigoption.com
- DOM Technology Services Ltd trading as TitanTrade
- Capital Force Ltd trading as Zoomtrader
- Uno Media Solutions trading as Binary Uno
- VIP Brokers – https://vip-brokers.com/