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Alert! CySEC warns against unauthorized FX firm Binomo.com

Alert! CySEC warns against unauthorized FX firm Binomo.com

CySec has today issued a warning to potential investors explaining that Binomo.com is not licensed to operate within its jurisdiction.

September 25, 2019, | AtoZ Markets – The Cyprus Securities and Exchange Commission (CySEC) has issued a warning on its website to inform investors that the website Binomo.com.

CySEC warns against Binomo.com

The warning from the Cypriot watchdog stipulates that binomo.com does not belong to the entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017.

Looking at the website, Binomo claims to be a trading platform on which clients can earn on rises or falls in Forex, stock and indices, commodities, and other assets. It claims to be regulated by the Financial Commission, a neutral and independent dispute resolution organization that specializes in financial markets.

Taking a look at the dispute resolution company’s website, this appears to be true, with the authority announcing the technology certification of the Binomo trading platform back in December 2018.

Nevertheless, CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities.

Yesterday, CySEC warns investors that it has decided to wholly withdraw the Cyprus Investment Firm (CIF) authorization of MPS Marketplace Securities as there are suspicions of an alleged violation of section 10 of the Law and the section 93(1) of the Regulation.

 

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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