The Australian Securities and Investments Commission (ASIC) has issued a warning to the public and investors on the actions of Top Ten Binary Brokers, according to an ASIC statement issued today.
ASIC is Australia’s regulatory agency that is in charge of regulating companies that are providing financial market services. The watchdog is providing regular information and advising existing and prospective customers of financial products about the risks associated with dealing with certain entities.
Last month, the Australian watchdog warned the public about binary options broker uBinary. Top Ten Binary Brokers is the latest Australian entity to make it onto its warning list. In contrast to the majority of ASIC warnings that are usually against brokers, this one is explicitly targeting an affiliate website.
Top Ten Binary Brokers, also known as Top 10 Binary brokers.com, operates online via the website www.toptenbinarybrokers.com/au and is what is known in the industry as an affiliate website. Such websites usually provide broker reviews and allow the affiliate, or website owner, to earn money by means of commission for every client that is referred to one or more of the binary options brokers represented on their site.
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The Australian watchdog is concerned that Top Ten Binary Brokers is offering unlicensed financial services in Australia via the aforementioned website and also via http://www.toptenbinarybrokers.com/au2.
Furthermore, ASIC is concerned that the entities actually listed on the Top Ten Binary Brokers review website are, for the most part, also not licensed to provide financial services in Australia.
ASIC has noted that the Top Ten Binary Brokers websites purport to be a reputable review of the top binary option brokers that offer financial services to Australians but the information given may not be accurate.
Until adequate Australian licencing has been obtained by Top Ten Binary Brokers and by the brokers listed on the Top Ten Binary Brokers websites, potential clients are advised not to click on or sign up for any of the financial services listed as the information may mislead the Australian public into believing the entities listed are appropriately licensed and regulated in Australia.
ASIC has reportedly tried to contact Top Ten Binary Brokers on several occasions but there has been no response to any of their requests.