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Hong Kong's SFC warns of 72Option binary options broker

Hong Kong's financial services regulator, the Securities and Futures Commission (SFC) has issued a warning against the unlicensed binary options broker 72Option.


According to SFC, the brand is owned by Epic Ventures Ltd. and uses a bank account in Hong Kong in the name of Luxury Billion Ltd for settlement.


According to its site, Epic Ventures is based in Bulgaria and is sharing the address with another unregulated binary options broker – IvoryOption.


Despite the legal requirements, 72Option is not regulated by Bulgaria's Financial Supervision Commission, nor by any other entity. It seems the broker is targeting clients in Australia, Canada, Malaysia, New Zealand, South Africa and the UK.


According to its site, the broker caters to a wide range from professional day-traders, to part-time e-Traders, as well as novice investors.


There has already been a warning against the broker from the British Columbia Securities Commission (BCSC) last December and a more recent one from the Australian Securities and Investments Commission (ASIC).


As a general rule, it is better to avoid unregulated brokers, be they forex or binary options. Dealing with them is extremely risky, as often they are just a scam going after the clients' money.

 


TAGS: hong kong  sfc  72option 
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