Is GG Binary scam or reliable? New Zealand regulator warns

3 May 2019 | AtoZ Markets - The Financial Markets Authority (FMA) of New Zealand has recently issued a warning against the binary options broker “GG Binary.” The authority alerts investors in conducting business with this company. Is Is GG Binary a scam?

Is GG Binary scam or reliable company?

According to the description on the company’s official website ‎, the GGBinary firm belongs to Golden Grand Global Holding Limited. The firm claims to be supervised by FSP (Financial Services Provider) of New Zealand and Seychelles FSA (Financial Services Agency).

The GG Binary company provides financial trading tools including stocks, stock indexes, commodities, and foreign exchange. According to the FMA of New Zealand warning, the company’s headquarters is located in Hong Kong and the official firm’s address is 9F, Amtel Building, 148 DesVoeux Road Central.

The financial authority alerts investors on exercising caution before dealing with the website

The main reasons to consider GG Binary as a scam

The financial watchdog of New Zealand claims that GG Binary has unlawfully offered binary options a form of high-stakes trading to retail traders.‎

The FMA explained that GG Binary is listed on the Securities and Futures Commission of Hong Kong’s alert list as an unlicensed entity. Moreover, as the authority stated, the GG Binary is using a fake address mentioned on their website. The regulator’s warning  says:

The FMA believes that companies like GG Binary which are based overseas and provide false addresses might be running scam operations. That, the regulator explains, might be one of the reasons, why such firm like GG Binary has not received licenses to trade with clients.

New Zealand financial authority warns, that such scam brokers as GG Binary have also been found guilty of making unsolicited calls and sending out similar emails to locals regarding online trading, financial consultation, and credit without gaining the necessary approvals.

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