The New Zealand regulator issues warning against Titan Trade. This is not the first case, as other local regulators have blacklisted the binary options broker before. Why has the FMA blacklisted Titan Trade now?
7 September, AtoZForex – The New Zealand’s Financial Markets Authority (FMA) has issued today a warning against Titan Trade. The broker was found soliciting its services to residents in New Zealand without being licensed by the watchdog. Founded in 2013, Titan Trade is a binary options broker that offers trading stocks, commodities, indices, and currencies.
Based on the FMA warning, Titan Trade falls under both categories an “unregistered business” and a “business to be wary of”. Individuals and businesses that offer financial products or services in New Zealand have to be registered on the Financial Service Providers Register (FSPR). In case of Titan Trade, the binary options broker runs its business through the website titantrade.com and reveals on its operational website that the binary options broker is located in Belize, Belize City, 35 Barrack Road. Hence, the binary options broker is not authorized to solicit for traders in New Zealand. Therefore, the New Zealand watchdog advises investors not to use the services provided by this brokerage.
Other warnings issued against the binary options broker
This is not the first instance when Titan Trade gets a warning from the regulator. The binary options broker has been previously blacklisted by various financial regulatory authorities this year. Back in April 2016, both the U.S. Commodity Futures Trading Commission (CFTC) and the Italian regulator CONSOB blacklisted Titan Trade, based on the fact that the binary options broker is not registered in both jurisdictions. In August, the Australian Securities and Investment Commission (ASIC) also issued a warning on Titan Trade for misleading promotions on its website.
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As the New Zealand regulator issues warning against Titan Trade, the regulator seeks to suppress the activities of unregulated financial services providers. Furthermore, the FMA strongly recommends traders to always consult first its list of unregistered business, before committing any funds with a binary options or Forex broker. At AtoZ Forex, we value the same principles and have conducted extensive tests on numerous of brokers, to assess if they are worthy to be AtoZ approved.
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