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Austria's FMA warns of YesOption binary options broker

 Austria's financial markets and services providers regulator FMA warned that the binary options broker YesOption is not licensed to offer its services in Austria.


 

“The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others, including equivalent instruments settled in cash as well as call and put options on the instruments listed in the Banking Act”, the regulator said.


 

According to FMA's announcement, the broker is owned by the company Diamond Global Solutions SRL, with an address in Romania. According to the broker's site, however, the company is registered in the offshore zone Marshall Islands.


 

Generally, brokers registered in such offshore zones very often are a scam, set up to rip off its clients. The examples are numerous, which has prompted some national regulators, like Israel's Securities Authority first to ban the offering of binary options in Israel, and later to forbid the binary options brokers from within the country to offer services to overseas clients. Recently the Canadian Securities Administrators also explicitly forbade the trading with binary options in the country. Other countries, like the USA, have tight restrictions on the industry.


 

As always, we advise our readers to avoid dealing with unregulated companies and choose reliable brokers like the ones holding a license from UK's FCA or the Australian Securities and Investment Commission.

 

 

TAGS: austria  fma  warning  yesoption 
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