Australian and Canadian regulator warn against Marshall Islands-registered binary options brokers

Australian and Canadian regulator warn against Marshall Islands-registered binary options brokers

The Australian Securities and Investment Commission (ASIC) informed the Australian consumers that the Ubinary binary options broker is not authorized to provide investment services in the country and people should not deal business with it. The Commission also expressed its suspicions the broker might be a scam.

According to the ASIC, Ubinary, who is making unsolicited calls or sent emails to Australian residents, has a business address in Zurich and a bank account in the name of Option Logic Ltd. in a bank in Sofia. The broker’s website, www.ubinary.com, however, provides an address on the Marshall Islands and a different company name – UB Innovation Limited. There is no information about regulation.

Meanwhile, the Canadian provincial regulator – the Manitoba Securities Commission (MSC) warned against another binary options broker with an address on the Marshall Islands – CentralOption. According to the MSC press release, one of its employees – Jason Roy – got an unsolicited call from a representative broker offering him to invest in binary options. Ironically, Roy is a fraud investigator dealing with binary options scams.

The MSC established that CentralOptions was falsely claiming it has an office in Toronto and the phone number from which the broker representative called Jason Roy was a VOIP number that forwards the calls outside Canada. The MSC warned the general public that CentralOptions is not authorized to provide financial services and advise in the province and admonished the potential investors to be extremely cautious.

The MSC is not the first Canadian provincial financial regulator to warn against CentralOptions. Just a few weeks ago so did the British Columbia Securities Commission.

 

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