Belgium’s Financial Services and Markets Authority, FSMA, warned on Wednesday that operators have been irregularly offering binary options on the Belgian market. Since 18 August 2016, no investment company, licensed or not, is authorized to offer binary options on Belgian territory, the FSMA recalled in a communique.
Moreover, any company that wishes to offer investment products must have a license, the market authority said, adding that the offending actors “are not complying with the abovementioned rules”.
“Consumers who have invested in these companies have never recovered their money, so this is probably a case of investment fraud,” FSMA added.
The companies concerned by this warning are: EasyGestions; FXUnited/United Global Holdings Limited; Markets Premium; OneTwoTrade/Up&Down Marketing Ltd; Suisse Option/Primary Stream Limited; TorOption; Tp-Markets/Hubstone Holdings Ltd; VIP Markets; and XFR Financial (cloned firm)/E New Sp Z.o.o.
Trading in binary options is a practice in which consumers are offered, usually by unknown foreign companies, contracts that depend on prices evolving in certain ways in the following minutes, hours or days.
The Brussels Times