Binary options is interesting if nothing else, read on to find out the latest warnings, news, deals and scandals rocking your favorite brokers.
Binary Options Regulators Sending A Clear Message
Binary options are interesting if nothing else and if the regulators have one message to send it is this; don’t market your unregulated unlicensed products to our citizens. They aren’t saying don’t let them trade, just quit using those aggressive marketing tactics to lure in deposits from people with no business trading. The latest warning comes from the BSBC, one of 13 provincial Canadian regulators, who is targeting Edgedale Finance. The warning, you are not licensed or registered to offer financial products in Canada, where binary options trading is legal, so quit soliciting to our people. Edgedale Finance has since enacted blockades on their website for Canadian citizens, it is also not a recommended broker of BinaryOptions.net.
The BSBC warning may seem like small potatoes in the greater scheme of binary trading but they are not the only ones targeting unregistered binary options brokerages and the aggressive marketing tactics used by some. Belgium has already instituted a ban on marketing binary options in that country although its citizens still have access to EU/CySEC regulated brokers. France actively updates its warning lists and has also begun to turn its focus on the marketing aspect of the industry as it is often seperate from the brokers. Holland may be the next to institute a marketing ban following a Q&A session between the Dutch finance minister and members of parliament.
The Dutch parliament is concerned by the more than 50 complaints received over the past 2 years. Allegations ranging from fraud to aggressive marketing and unlicensed brokerages operating outside the reach of financial recovery. The minister explained how regulated brokerages are operating in Holland using the financial passport provided by the EU and MiFID regulation. He went on to explain how the EU regulators are working to address conformity issues, marketing and other issues plaguing the binary community but also suggested a ban on marketing could be forthcoming.
Binary Options Regulation Scam?
The Financial Commission, Finacom.com, has announced the acceptance of GEB Investments as an “A” level binary options broker. Finacom is a third party resolution service headquartered in Hong Kong whose purpose is to mediate disputes between the clients of its approved brokers and the brokers. Clients of member brokers gain the benefit of the Investor Compensation Fund which insures deposits up to $20,000. The question is, and has been for a few years, is just how valuable is Finacom approval? There are only a small handful of binary options brokers on their list and none of them are high on our list of approved brokers. GEB Investments is a brand operated and regulated in Belize by a parent company headquartered in Cyprus, GEB is not a CySEC regulated brand or a recommended broker at this time.
Scandal Rocks The Binary Options World
Scandal once again rocks the binary options world and it’s no surprise who is at the center of it. Long time black sheep of the regulated community Banc De Binary has backed out of its deal with South Hampton FC. The deal, in which BDB sponsored the football club in return for promotional favors, only lasted 2 weeks and is reported to have been canceled at mutual agreement. Spokesperson for BDB said that the expectations and results were not in line. The news comes as a big shock after a number of years of successful partnerships between top rated teams and popular binary options brands. Techfinancials based 24Option partnered with Juventus in 2014, leading the pack, and has since renewed the contract for additional time.