The International Financial Services Commission (IFSC) of Belize has updated its warning list this week, adding not one but seven warnings on its website, including World Binary Option, which was recently flagged by Cyprus’ regulator.
Out of the seven warnings, two are entities claiming to operate in the binary options trading space and two state they are foreign exchange (forex) trading providers.
One of the entities flagged by the regulator is World Binary Option. Via its website, www.worldbinaryoption.com, the entity claims: “World Binary Option is an online Forex and CFD Broker providing traders across the globe with cutting edge technology to trade the world’s markets. Since 2010, our focus has been to change the way people trade forex.”
“We are driven to provide traders with incredibly low-cost pricing across all FX, CFDs and Commodities with the security of financial regulation and industry leading customer support.”
Introducing Trader's Room v3 by B2BrokerGo to article >>
On its website, the company states that it is based in the United States and states it is regulated by the Commodity Futures Trading Commission (CFTC), the IFSC, the Financial Conduct Authority (FCA) in the United Kingdom and by the Cyprus Securities and Exchange Commission (CySEC).
However, Belize’s watchdog states that World Binary Option: “is not licensed under the IFSC Act to provide, carry on, transact, or hold himself out as providing, carrying on, or transacting any of the international financial services as set out in the Schedule of the IFSC Act in or from within Belize.”
World Binary Options’ Claims do not “Correspond to Reality”
CySEC also posted a warning on its website against World Binary Option, as the company was operating in Cyprus without authorization. In regards to the entity’s claim that it is regulated by CySEC, the regulator said: “Information in the above mentioned website, which suggests that it belongs to an entity that is regulated by CySEC, is misleading and does not correspond to reality.”
Other entities flagged by the IFSC are Pratt & Whitney Financial Asset Management Co. Ltd. (BDG), an alleged forex broker, ORACLE STONE LTD (FINARIUM), and BlackLabelFx. You can find all of the warnings here.