Is Zola Ltd scam or reliable? FCA UK Zola Ltd Warning


29 May, AtoZ MarketsThe key financial regulator of the UK markets, the Financial Conduct Authority (FCA) has issued a warning on its website. The warning for investors’ community has addressed an unregulated financial services provider that attempted to solicit to the UK consumers.

The latest warning from the FCA mentions the name Zola Ltd trading as BinaryOnline. This is not the first time this company has been red flagged. At the end of 2016, the Canadian Securities regulator, the British Columbia Securities Commission (BCSC) has already cautioned investors against dealing with this firm, thus adding it to its Investment Caution List.

Is Zola Ltd scam or reliable? FCA UK Zola Ltd Warning

According to the warning from the UK watchdog, Zola Ltd has no authority from the regulator to operate in the market. Nevertheless, the company has been targeting people in the UK. The regulator also stated that the firm has been carrying out other activities that require authorization.

In addition, the regulatory body has shared the details of the fraudulent firm:

Address: The Apex, 2 Sheriffs Orchard, Coventry, West Midlands, CV1 3PP

City of Sofia 1000, ul. Pirotska No 2 fl. 4, Apt. office 12

Payment services are provided by Zolarex Ltd, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960

Telephone: 02030260222; 02038083770; 02030265665; 02039174107; 02080891158

Email: support@binaryonline.com; finance@binaryonline.com

Website: https://www.binaryonline.com

How to protect yourself?

The regulator has also advised to only deal with financial firms that have authorization by the FCA. It is possible to check the fact of the authorization on the Financial Services Register. The register contains the information on firms and individuals that are regulated by the FCA.

In case you want to check a consumer credit firm that might not have been authorized by the FCA, you can check Interim Permission Register. If you find out that a firm does not appear on the Register but claims the opposite, FCA advises contacting its Consumer Helpline on 0800 111 6768.

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