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Poland’s KNF warns of binary options broker NobleOption

 The Polish Financial Supervision Authority (KNF) has issued a warning against the binary options broker NobleOption.


According to the publication, the company owner of the brand – Spot Capital Markets Ltd. Does not have a license to provide financial services in Poland, hence it is in violation of the local legal requirements. “Therefore the KNF has filed a notification of suspicion of committing a crime specified in Article 178 of the Act dated 29 July 2005 on Trading in Finaancial Instruments and submitted it to the Regional Prosecutor's Office in Warszawa”, the regulator said.


Our check revealed that the brokerage has a site in Polish, along with several other European languages. Its owner Spot Capital Markets Ltd., has a license from the Cyprus Securities and Exchange Commission (CySEC) – claim on the site that we verified with the registry of CySEC. The license has been issued in 2013. In addition to the NobleOption brokerage, the company operates several other forex, CFD and binary options brokers through the domains www.spotcapitalmarkets.com; www.7trade.com; www.binaryindex.eu; www.binaxo.com; www.blinkbinary.com; www.bullbinary.com; www.capotrade.com; www.cardinalmarkets.com; www.cbfinvest.com; www.financeyards.com; www.moboption.com; www.mustoption.com; www.nobleoption.com; www.optionweb.com; www.scmaffiliates.com; www.youoption.de; www.zoneoptions.com; www.capitaledgemarkets.com; www.fimatrading.com; www.cfdhouse.com.


Under the EU passporting rules, Spot Capital Markets has the right to operate in Poland as well, but earlier this year KNF introduced additional requirements for the forex and binary options brokers in order to improve protection of retail investors. Among them is the requirement for companies to either have an authorization as an investment company in the country or as an investment company agent.

 

  

TAGS: poland  knf  nobleoption  spot capital markets  warning 
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