The Danish Financial Supervisory Authority (FSA) has issued a statement today informing the public that TechOption, a binary options brokerage offering a range of services via its online platform, including mobile and social trading, has been soliciting its services to consumers without permission.
The firm which operates via www.techoption.com, is operated by CG Capital Investments (VA) Ltd, Govant Building, BP 1276, Port Villa, Vanuatu and by GGM Payment Solutions, Kyriacou Matsi 18, Nicosia, Cyprus.
According to the FSA, TechOption is not allowed to offer services covered by the Financial Business Act in Denmark and has therefore been added to its warning list.
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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 Scope
The main 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.
As well as supervisory activities, the Danish FSA assists in drawing up financial legislation and issues executive orders for the financial area.