29 February AtoZForex, Lagos – The Spanish financial regulator La Comision Nacional del Mercado de Valores (CNMV) has been quite active lately in its oversight with the latest case, EmpireOption receives CNMV warning. The Spanish regulator discovered that EmpireOption has been operating within the jurisdiction without due authorization to do so.
The CNMV issued an official warning, stating that “EmpireOption is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency.”
Processing by Brighton Digital Services
As EmpireOption receives CNMV warning, the company's website raises some concerns, considering that the contact page has no specific mention of a registered address of operations. Yet, in a small section below the webpage of EmpireOption, it is stated that the firm's processing provided by Brighton Digital Services Ltd. Which in turn is registered in the United Kingdom, under the address: 11A, Arcade House, Temple Fortune, London, NW11 7TL, UK.
Notably, the site also offers various options for phone contact in multiple languages including Portuguese, Spanish, English, French, Dutch and Polish. They also quote a US contact phone number of the home page of the site. As rightly pointed by the Spanish regulator no specific mention was made of any sort of license or authorization, which allows this firm to operate in the Iberian peninsula.
See also: Financika receives CNMV warning
Other similar warning
The EmpireOption warning is similar to the recent case against BK Trading and Safeklik by the CNMV. These alleged perpetrators, which were blacklisted by their domain names: www.safeklik.com/es/ and www.bktrading.com/es, respectively, have been issued a CNMV warning on BK Trading and Safeklik, consequently dissuading locals from doing business with them.
Safeklik for example presents itself as “one of the leaders of online trading in Binary Options, Pair Trading and Forex Trading” with an address in London, 1A Arcade House, Temple Fortune, London, NW11 7TL, and somewhere in their site -although impossible to find it a second time- they claim to be regulated by the CySec.
On the other hand we have BK trading, another firm in binary options trading whose website seems to be down at the moment in which this article was written. Therefore making it very difficult to confirm any information regarding the firm
Hence, members of the public are again urged to only deal with well regulated and certified brokers to avoid potential fraudulent schemes out there.
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