The Danish Financial Supervisory Authority (FSA) has issued a statement today informing the public that Den Danske Metode, a binary options affiliate website, has been soliciting its services to consumers without having permission to do so.
The company’s address is unknown, but the website can be found at www.danishmethod.com. Here, Den Danske Metode can be found to be promoting a typical online affiliate scheme via a promotional video and hard-selling techniques, “guaranteeing” high profit levels to traders who sign up with their services and trade using their recommended trading strategies.
These type of schemes are notoriously associated with scams and have received more than their fair share of negative feedback online in recent years.
Trading Places: Finding The Best Jurisdiction for Your BrokerageGo to article >>
According to the FSA, Den Danske Metode is not allowed to offer services covered by the Financial Business Act in Denmark and has therefore been added to its warning list.
The FSA’s website (www.finanstilsynet.dk) includes a list of companies that are allowed to offer financial services in Denmark as well as a listing of warnings against companies so potential traders wishing to check the authenticity of a financial services provider can do so here.
Danish FSA Remit
The primary task of the Danish FSA is the supervision of financial undertakings including banks, mortgage-credit institutions and insurance companies. The most important supervisory activity is monitoring that undertakings have adequate own funds to cover their risks.
The Danish FSA also supervises the securities markets in Denmark, ensuring that listed companies comply with their obligations. It also monitors the markets with a view to intervening in market abuse, including insider dealing and price manipulation.
In addition to supervisory activities, the Danish FSA assists in drawing up financial legislation and issues executive orders for the financial area.