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Japan's Finance ministry warns of HotForex, Monte Carlo Binary

 Japan's Finance ministry Kanto bureau has issued warnings against the forex broker HotForex and the binary options broker Monte Carlo Binary.


 

According to the regulator, the company HF Markets (SV) Ltd, incorporated in the offshore zone Saint Vincent and the Grenadines and operating as HotForex, is not authorized to provide financial services in Japan. Furthermore, the watchdog notes, the address and company name may be false.


 

According to our own review, HF Markets (SV) is an offshore unit of the HotForex group of companies. Two of the group's companies – HF Markets (Europe) and HF Markets (SA) are respectively licensed by the Cyprus Securities and Exchange Commission (CySEC) and the South Africa's regulator FSB. This, however, does not mean they, or any other member of the HotForex group, can provide services in Japan, as the local law requires all companies be authorized by the local authorities.


 

The other warning is of the binary options broker Monte Carlo Binary, operated by the Seychelles-based M Carlo Capital Limited. The Japanese regulator notes the company is not authorized to provide financial services in the country.


 

Our check revealed that Monte Carlo Binary is a new broker, but is not regulated anywhere. This suggests it may be a scam and hence should be avoided.

 

 

TAGS: japan  warning  hotforex  monte carlo binary 

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