ASIC warns against use of binary option provider
The Australian Securities and Investments Commission (ASIC) is warning the public not to click on advertisements from ‘Titantrade', a website which is offering binary trading options, as it is likely to mislead investors.
Titantrade was not licensed to provide financial services in Australia and the public should avoid using their website (www.titantrade.com) or signing up for binary options trading, or their other products and services.
ASIC said unless the operators of the website obtained an Australian license, Australians should avoid it.
Binary options were types of options that tried to predict short-term movements in a share price, currency, index or commodity. They were speculative and high risk.
Any entity that dealt in or provided advice about binary options to Australian investors had to hold an Australian financial services (AFS) license, or be authorised by an AFS licensee.
On 26 July, ASIC took action in the Federal Court of Australia that restrained the operators of the website from providing financial services, while they were unlicensed.
The court prohibited the operators of the website (and other people and related entities that received funds from the site) from issuing financial products, including binary options trading.
The court also prohibited them from advertising and promoting their products and from running the site in Australia.
Court orders were extended until 16 November. ASIC was continuing its investigations into the website and its related entities, which included Allianz Metro Pty Ltd, which allegedly received payments from the website.
Recommended for you
Retailisation of private markets such as evergreen funds may seem like appealing options for wholesale and retail investors, but providers risk undermining trust if their products are unclear.
Ethical investment manager Australian Ethical has seen its funds under management rise by a third over FY25 to close out the year at $13.9 billion.
BlackRock Australia’s head of intermediary distribution James Waterworth has taken up a new distribution role at an alternative asset manager, while Antipodes has hired a distribution director.
BlackRock’s iShares ETFs have reported a record first half for inflows, gaining US$192 billion in the past six months, to see overall ETF assets under management rise to US$4.7 trillion as it launches its first active ETF in Australia.
