June 28, 2019 | AtoZ Markets - The French financial regulator AMF blacklists Flexioptions Binary Options firm and warns investors against using the website www.flexioptions.com.
Flexioptions Binary Options firm on the AMF radar
Flexioptions Binary Options firm, that AMF marked as a scammer, according to the company’s description, claims to be a regulated platform and offers a high payout of 81% on binary options contracts. Company’s origin is unknown, as well as what institution governs it and authorized its activity.
Although the company offers its services in four languages, Atoz Markets could not obtain any contacts or live-chat option to reach out to customer support.
Notable, that a month ago, Autorité des marchés financiers (AMF) reported about the upgrade of the register of blacklisted entities. In addition, the agency stated it would offer more information about websites with fraudulent activity.
All unauthorized websites offering to trade binary options can be obtained on the AMF’s website. The regulator warns investors to stay cautious, as the blacklisted websites may change very quickly and their list is not intended to be exhaustive.
Y Trading Binary options company founder is imprisoned
Over the past couple of months have become frequent criminal cases of binary options scams.
Recently, Atoz Markets reported about Yehuda Belsky, Y Trading binary options owner who has been convicted on up to 40 years in prison restitution for the securities fraud.
Y Trading binary options owner has pleaded guilty to securities fraud, one count of failure to register as a commodities trading advisor and one count of misappropriation of customer funds. The plea was entered before United States District Court Judge Allyne R.
Another person, named Lee Elbaz, also known as Len Green, formerly the CEO of Yukom Communications awaits his trial which is scheduled to happen in July. Lee Elbaz was charged with wire fraud and conspiracy to commit wire fraud.
Binary options soon to become an outlaw in Europe
Binary options along with CFDs are considered to be risky trading products. The pan-European regulator European Securities and Markets Authority (ESMA) took initiative and introduced the product intervention measures in August 2018. As part of its consumers' protection strategy, ESMA placed temporary restrictions on the binary options industry and proposed new leverage restrictions on CFD’s.
ESMA has already approved proposals on product intervention measures taken by national regulators from Austria, Estonia, Slovak, and the Czech Republic.
The same initiative has already been taken in the UK, Holland, Denmark, and Germany. Recently Poland, along with Luxembourg confirmed permanent ban on binary options.
In addition, the experts believe, that Australian financial watchdog ASIC might ban binary options as well. The community assumed that the authority might take such measures to adhere to the EU regulatory regime to maintain the increasing flow of retail forex traders to Australia from Europe.
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