ASIC warns investors on binary option trading firms
The Australian Securities and Investments Commission (ASIC) has issued a warning to Australian investors about dealing with a number of firms, which offer binary option trading services without being licensed to do so in Australia.
The companies that ASIC believed were misleading Australian investors were GOptions, Porterfinance, Boss Capital, MaxOptions, Bloombex Options, Citrades, RBoptions and OptionsXO.
Each of them ran websites that allowed investors, including those based in Australia, to sign up for live trading accounts while misleading investors into believing they were operating lawfully under Australian regulation.
According to ASIC, Australians should avoid dealing with any of these entities until they were appropriately licensed or authorised to operate in Australia.
"ASIC is satisfied that it is in the public interest to warn the public about the conduct of these entities,"
The corporate regulator also said it had made numerous unsuccessful attempts to contact the companies in question.
AUTHOR
Oksana Patron
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
