FSMA Belgium warns on Binary Options and Forex products providers 

Binary options and forex products: FSMA once again warns the public against various companies engaging in unauthorized activities in Belgium

The Financial Services and Markets Authority (FSMA) has issued a warning to inform public for the activities of various providers of / intermediaries in binary options and/or forex products which engage in unauthorized activities in Belgium, as well as against various “recovery rooms”.

The companies engaging in unauthorized activities in the binary option and forex product sectors against which the FSMA warns the public are as follows:

• Mayfair Funds (Myfair 23), Highfrequency, Trading Company and Sep Society
• Centrale Bank Europe (Banque Centrale d’Europe), Quantum Group Invest and September Investments Limited
• Option Bank, Fi-Corporation and Global Secure Ltd
• GMT Private Broker
• Cit Markets (Citmarkets)
• Plea (UK) LIMITED, GMTInvest and Redlane Ltd
• Binary Stock Market Bank (BSMB) and Kalahouse Limited
• AMF Capital Limited and BNRMARKETS
• Groupe Markets Ltd, Capital Markets Ltd, FX Capital Bank (FXCB), FXCB Capital Markets Limited and FXCB Limited
• Fortune Banque and Tareno (cloned firm)
• Expert Data and Option Pros
• Versailles Finances and Globstate Assets Holdings Limited
• MT Capital Partners and Justrader
• DeutscheMarkets
• Dealinpro and Shaily Global Option Ltd
• Finance Academy Trading
• Forex Club (Forex Club International Limited)
• Option-Direct
• NTD INVEST CORP LTD, LiveTrader and Abena Invest Ltd.

The aforementioned companies are not authorized investment firms or credit institutions in Belgium. They are therefore not allowed to provide banking and/or investment services in or from Belgium. Furthermore, these companies have not published a prospectus approved by the FSMA, as is required before any public offering of investment instruments may be made within the territory of Belgium.

Moreover, many trading platforms for binary options/forex products run by the aforementioned companies are, despite the appearance of being serious firms, used by fraudsters who are not only acting without the requisite authorization but are misappropriating the funds invested. In such cases, investors simply can no longer recover the amounts they invested, and their recourse against these illegal providers is generally limited since the latter are located abroad. Prudence is thus more important than ever before an investor decides to take a risk on these types of products.

Source: FSMA

 

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