FINMA, the Swiss Financial Market Supervisory Authority, has updated its blacklist of companies that are illegally conducting financial services targeting Swiss residents.
The newly-listed company is a binary options broker named Swiss Royal Banc. The Swiss authority located the company address via its website https://swissroyalbanc.com which reveals that the firm is owned and operated by a UK-based entity called GreenTree Holdings.
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Although the financial watchdog didn’t provide specific details, the inclusion of Swiss Royal Banc, also known as SRB, means it is not officially registered in Switzerland and was thus not authorized to offer its trading services to Swiss traders. SRB also claimed to have offices in London but after some research on our side, it became clear that the firm isn’t regulated either by the FCA as a forex broker nor by the UK Gambling Commission as a binary options provider.
In the ‘About Us’ section, Swiss Royal Banc makes reference to global offices. However, the company didn’t claim any specific regulatory status in these jurisdictions. On its website, the unregulated firm has only this statement to reassure its clients: “We keep your money safe, in an account that is separate from the ones used for business purposes, so you don`t need to worry about that. Your money is yours alone and we are not going to touch it unless you decide to engage in a trade.”
Finance Magnates reported last week on FINMA when the authority confirmed that Central Option never obtained Swiss financial license. It also came to the regulator’s attention that the brokerage firm, which operates via www.centraloption.com and lists both UK and Hong Kong head office locations on its website, and offers binary options trading on a variety of assets including currencies, commodities, indices and stocks, has been pulled up by several regulators of late.