Brokers News 

FCA Blacklists Clone Firm & Unauthorised Broker 365 Binary Option

“Fraudsters from the clone firm are claiming to work for the legitimate firm Capital Finance Group Ltd” reports financemagnates.com. It has also warned against Capital Finance Group Limited, a clone of FCA Appointed Representative Introducer firm.The British regulator has flagged 365 Binary Option as an unauthorised broker. Source: financemagnates.com Share This:

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Amount recovered in binary options fraud case reaches $9.3m

“Using fraudulent misrepresentations, the defendants induced people to deposit money with illegal binary options trading websites that purported to offer customers the ability to trade so-called binary options contracts online” reports financefeeds.com. The defendants acted as marketers for the following binary options websites: LBinary, Global Trader 365, Vault Options, TraderXP, Trade Rush, Banc de Binary, Citrades, OptionMint, OptionRally, RBOptions, Bloombex Options, Redwood Options, BeeOptions, Amber Options, OptionsXO, and SpotFN. None of these websites or their operators are or ever have been registered to offer binary options contracts to the public.The…

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UK binary options clampdown sees another fraudulent entity wound up

“At the end of October, the UK High Court wound up binary options scam firms behind Magnum Options, following an investigation by the Insolvency Service” reports financefeeds.com. The clampdown on binary options scams in the UK has seen a number of fraudulent entities closed.The Insolvency Service has confirmed that another binary options company was shut down over false and misleading claims.The efforts of the UK authorities to tackle binary options scams continue.The High Court heard that Eclipse was persuading people from Britain and all over the world to invest in a…

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CFTC seeks to impose monetary penalty of $56m on binary options marketers

“They used email marketing firms to send SPAM with misrepresentations about the trading systems to millions of people, paid video producers to make elaborate misleading video testimonials promoting the trading systems” reports financefeeds.com. The defendants acted as marketers for the following binary options websites: LBinary, Global Trader 365, Vault Options, TraderXP, Trade Rush, Banc de Binary, Citrades, OptionMint, OptionRally, RBOptions, Bloombex Options, Redwood Options, BeeOptions, Amber Options, OptionsXO, and SpotFN. None of these websites or their operators are or ever have been registered to offer binary options contracts to the…

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Brokers News 

ASIC warns CFD, FX and binary options brokers about unsound practices

“ASIC has identified a number of risks associated with the products offered to retail investors by OTC derivatives issuers” reports financefeeds.com. With regard to client money, the regulator reminds issuers that from April 4, 2018, they are no longer allowed to use client money to hedge their positions with clients.Issuers that are subject to the new client money reforms are advised to review their capital needs given the new restrictions on the use of client money.Binary options typically offer the least transparency in terms of underlying pricing, strike prices and…

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Crypto News 

CFTC pushes for another default order in binary options, bitcoin fraud case

“The United States Commodity Futures Trading Commission (CFTC) maintains its efforts to tackle binary options and cryptocurrency fraud” reports financefeeds.com. After pushing for a default order against Dillon Michael Dean, at the helm of a $1.1 million fraudulent scheme, the regulator is now seeking a similar order against the company he ran – The Entrepreneurs Headquarters Limited (TEH). Source: financefeeds.com Share This:

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Norway to follow ESMA’s schedule for banning binary options, restricting CFD offering

“The calculations cover approximately 1,000 customers trading CFD over a period of between one and two years” reports financefeeds.com. The Financial Supervisory Authority of Norway (Finanstilsynet) has decided to follow the schedule announced by the European Securities and Markets Authority (ESMA) for banning binary options and restricting the offering of CFDs to retail investors.As a part of these inspections, Finanstilsynet has assessed the business customers’ trading results.The Norwegian watchdog has, on several occasions, investigated foreign providers of binary options that have targeted Norwegian investors without a necessary license. Source: financefeeds.com Share…

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CySEC Chairwoman: ESMA CFD and Binary Options Rules Apply to Non-EU Clients

“Aimed at protecting retail investors, they prohibit the sale of binary options and place severe restrictions on contracts-for-differences” reports financemagnates.com. The Cyprus Securities and Exchange Commission (CySEC) has announced that the upcoming product intervention measures on contracts-for-differences (CFDs) and binary options will be applied to clients outside of the European Union (EU).The new regulations, which were made possible by the Markets in Financial Instruments Regulation (MiFIR), will apply to binary options from the 2nd of July 2018 and to CFDs on the 1st of August 2018. Source: financemagnates.com Share This:

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Brokers News 

UK Watchdog Updates Blacklist of Unauthorized Binary Options Brokers

“The FCA is not the only government agency to move against binary options” reports financemagnates.com. The regulator maintains a blacklist of binary option brokers based upon information received from consumers, partner agencies and from monitoring the online market.In what UK police have described as the biggest operation of its kind, officers swooped on the offices of 20 binary options brokers to review their compliance documents and gather intelligence on different types of investment fraud.In line with practices across most of the EU, the FCA has brought certain types of binary options within…

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