After receiving several complaints, New Zealand’s Financial Markets Authority (FMA) today warned investors against being offered products and services from Binary Selections, according to a recent regulatory statement.
The financial watchdog today has updated its warning list by blacklisting Binary Selections which offers several financial services to both individuals and businesses. The company is currently operating through the website www.binaryselections.com and facilities trading in commodities, bonds and stocks among other asset classes.
How Astra’s Decentralized Compliance Layer Fills a Legal Protection GapGo to article >>
According to the warning, Binary Selections claims to be authorized to provide financial services in New Zealand, however this is not true.
The FMA is focused on identifying and blacklisting any individual or entity that is operating in New Zealand without a licence or authorisation, where that is required by law. However, the FMA has warned that some companies are overseas operations and the watchdog may only be alerted to them once a local investor has a problem with them.
The FMA updates the public by means of warnings and alerts when it believes investors may be at risk. Businesses and individuals are named on this list if they are not registered to provide financial services in New Zealand, have had the FMA enforce action against them for misconduct, have either not responded or not provided a satisfactory response to a request for information, or have received a warning notice from the FMA.