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
Platinum Asset Management has entered into binding terms for a merger with L1 Capital with the firm to be renamed upon completion, ending a fund management brand that has existed for over 30 years.
Prime Value Asset Management has launched a retail fund investing in microcap companies, a new version of its existing wholesale offering.
Two active fund managers have outshone rivals to report double-digit share price growth of more than 40 per cent for FY25, but another has lost more than 50 per cent.
From multiple fund launches and personnel changes to major outflows and a scrapped deal, Money Management has collated the most significant news in the funds management industry over the past 12 months.
