Warning against binary options and FX products providers
Monday, 23 February 2015
FSMA (Financial Services and Markets Authority) issued a warning regarding the activities of various providers of binary options and FX (foreign exchange) products on Monday. “Various foreign firms are offering very risky investment vehicles in Belgium without respecting Belgian financial legislation,” points out FSMA in a press release listing the following companies – Bank&Binary, Broker International Bank, Financial Broker, F&C Management Limited, SIA Europe Trade Services, FXGL Capital, HCI Fund, Royal Broker, G.O. Limited, BfmMarkets, BoursoMarket, Bankandcapital et OBinary Corporation.
These firms have not been accredited as investment firms or credit institutions by Belgian authorities, and hence are not allowed to provide banking and/or investment services in or from Belgium.
“Furthermore, some investment vehicles offered by these companies (binary options and FX products) are speculative by nature and extremely risky, the investor is at risk of losing the entire sum invested,” warns FSMA.
Finally, these firms have not published an FSMA-approved brochure, as requested for any public offer of an investment vehicle in Belgium.
Therefore, FSMA “seriously advises against” responding to offers of financial services or investment vehicles from these firms and against transferring any money to an account they might suggest.