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
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.
