Australian watchdog has blacklisted another broker Titantrade to warn the public from being misled by the advertisement promoted by the firm. What are the reasons behind Titantrade ASIC blacklisting?
5 August, AtoZForex – Australian Securities and Investments Commission (ASIC) is a corporate, markets and financial regulator. The watchdog contributes to Austalia’s economic wellbeing by safeguarding the fairness and transparency in the financial markets of the country.
Titantrade ASIC Blacklisting: details
Titantrade is a firm which offers trading in binary options through its website. The Australian watchdog warns the public not to click on any of the advertising proposals that are being marketed by the firm.
Previously the CFTC and the OSC along with the Italy’s Consob have already issued warnings against the brokerage Titantrade. The warnings state that the public should restrain from using the website of the broker for signing up for binary options trading. Other financial products or services advertised on the website included. The Australian regulator is concerned that the firm is offering unlicensed financial services through their website and webinars.
ASIC takes action
On July 26th of the current year, the ASIC took action in the Federal Court of Australia to abort the operations of the firm’s website whilst unlicensed. The Court made orders that ban the operators of the Titantrade’s website and other individuals and entities who might have received money from the website to conduct certain activities. Those activities include: issuing financial products, such as binary options; promoting and advertising firm’s products, and operating the website in Australia.
The Court’s orders were extended until November of this year, as the ASIC continues the investigation of the website, individuals, and entities, who might have received funds from the website. This included Allianz Metro Pty Ltd, who appear to have received payment.
Unless the firm obtains proper authorization, the Australian public should avoid using the services of the brokerage firm Titantrade. The ASIC warns that potential investors might suffer detriment as a result of being misled by the advertising.
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