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Australia's ASIC updates black list of forex, binary options brokers

Jul 14 2017
By
Jonathan Smith

 The Australian Securities and Investment Commission (ASIC) has updated its warning list of unlicensed forex and binary options brokers who are offering their their services without the proper authorization.


The latest additions to the list are the forex broker BBB Markets and the binary options brokers VX Markets, Millennium Options, ARAM Binary Options and Ivory Option.


BBB Markets is yet another offshore forex brokers, registered on the Marshall Islands, but the payment and clearing services are provided by the company MT Full Services EOOD with an address in Bulgaria. In addition to the forex pairs, the broker claims to offer trading in bonds, stocks, indices, ETFs and commodities. Most likely it is CFDs for those assets.


VX Markets is a binary options broker claiming to be based in Germany. Judging by the language options, the broker targets Korean and Spanish-speaking clients, which seems to be an odd combination.


Millennium Options is also based on the Marshall Islands and is obviously targeting Russian- and Arabic-speaking clients. According to ASIC, the company is also known as Wallberg Ltd, with an office in Sofia, Bulgaria.


ARAM Binary Options, also known as ARAM Wealth Management Ltd, according to ASIC, is based in South Korea. As per the notice of the regulator, this company and Millennium Options share the same bank account details, in the name of Gulf Coast Inv Managment Cons FZE, in Al Hilal Bank Dubai.


Ivory Option is a binary options broker based in Bulgaria and is quite “famous” among the regulators. There have been warnings about it by the Manitoba Securities Commission (MSC), the British Columbia Securities Commission (BCSC), Belgium’s Financial Services and Markets Authority (FSMA) and the Cyprus Securities and Exchange Commission (CySEC).

 

 

TAGS: asic  australia 

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