FCA issues warning against 365 Binary Option, along with yet another warning against the clone of FCA Appointed Representative Introducer firm, Capital Finance Group Limited.
16 August, AtoZ Markets – The UK financial watchdog, the Financial Conduct Authority (FCA) has added two financial firms to its warning list earlier this week. The UK regulator has cautioned investors against dealing 365 Binary Option, adding that the entity operates as an unauthorized broker. It also has warned against Capital Finance Group Limited, which is reportedly a clone of FCA Appointed Representative Introducer firm.
FCA issues warning against 365 Binary Option
As per the warning from the FCA, 365 Binary Options is now owned by Oproserv Ltd. The brokerage has appeared on FCA’s radar while advertising or selling its financial services or products in the UK. According to the watchdog, this entity was operating on the UK market without any authorization to do so. As a consequence, the FCA has red-flagged the firm and added that it could be a scam.
365 Binary Option states that it offers Forex trading, including currencies, shares, indexes, and commodities. The company operates online via two websites: https://www.365binaryoption.com/ and www.365-Fx.com. On one of its websites, the brokerage notes that it is based at 78 York Street, London, England, W1H 1DP, Old Brompton Road, South Kensington, London SW7 3DQ.
The FCA warns investors to exercise caution when dealing with 365 Binary Options. The watchdog reminded investors that in case things go wrong, their losses will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS).
Capital Finance Group Limited Clone Warning
Moving on to the second warning from the FCA, the regulator has also issued a cautionary note regarding Capital Finance Group Limited. According to the FCA, the firm is pretending to be related to an FCA Appointed Representative Introducer firm of the same name. Yet, the FCA states that there is no association between the two entities.
Scammers from this clone firm have claimed to work for the legal firm Capital Financial Group Ltd. Concerning this; the name appears to be the same. Yet, investors can differentiate the illegal company based on the address – 82 Pall Mall, London SW1Y 5HS; Rue Guillaume-Tell 6, Geneva 1201, Switzerland. The genuine firm is located at 26 Cadogan Square, London SW1X 0JP. Its firm reference number is 669518.
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