Japanese watchdog has published the SPEED OPTION Japan Kanto Bureau warning. The authority has provided the details of the fraudulent firm. What do we know?
28 April, AtoZForex – The Kanto finance bureau of Japan’s Ministry of Finance (MoF) has increased its regulatory oversight in its region. The regulator has been issuing more warnings against brokers and financial entities that are unauthorized to offer investment services to Japanese investors.
The latest announcement of the regulator was made this morning. The Kanto Finance bureau also has warned the public against dealing with Binary Options broker SPEED OPTION.
SPEED OPTION Japan Kanto Bureau warning
SPEED OPTION Japan Kanto Bureau warning came out just this morning. The regulator has also stressed that the Binary Options broker either was soliciting or offering its services online in Japan. However, the regulator states that SPEED OPTION has no authority to do so.
Moreover, the Kanto finance bureau of Japan’s MoF states that the firm might have the regulation outside of Japan. The Binary Options broker claims to have an office at the following address: 71-75, Shelton Street, Covent Garden, London, WC 2 H 9 JQ, UK.
The Japanese regulator website mentioned that the information used in the warnings came from solicitation materials in the region. Hence, it might not be a hundred percent accurate. However, the Japanese regulator did note that the SPEED OPTION does not possess over the necessary licenses in Japan.
See also: Heart Forex Japan Kanto Bureau warning
How to protect yourself from fraud?
The watchdog states that if the broker has no registration with the regulators in Japan and the customer ignores this fact, in case things go wrong, the client will have no protection from the authorities. In order to operate in Japan, any financial firm needs to have the authorization from the Japanese Financial Services Authority (JFSA).
Think we missed something? Let us know in the comments section below.