ASIC Issues Public Warning About Binary Options Broker uBinary

The Australian Securities and Investments Commission has warned against uBinary for soliciting services without a licence.

The Australian Securities and Investments Commission (ASIC) has issued a warning to the public and investors on the actions of binary options broker, uBinary, according to an ASIC advisory issued today.

uBinary, trading as www.ubinary.com, which claims to be headquartered in Switzerland, was also blacklisted for offering binary options without authorisation by France’s financial market regulator, the Autorité des Marchés Financiers (AMF), in September 2015.

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ASIC has advised the public that uBinary could be involved in a scam and urged anyone approached by it not to deal with this business. According to the Australian watchdog, uBinary has made unsolicited calls and sent emails about investing and offering financial advice without holding a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.

ASIC is Australia’s corporate, markets and financial services regulator whose role is to enforce and regulate company and financial services laws in order to protect Australian consumers, investors and creditors. uBinary is the latest broker to be added to the list and is part of its crackdown on the financial industry which has resulted in a number of warnings recently.

 

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