The Australian Securities and Investments Commission has issued a public warning against six unauthorized brokers in Australia. Make sure to check it!
14 July, AtoZForex – The Australian Securities and Investments Commission (ASIC) has issued the new alert for Australian investors’ community. The latest ASIC warning mentions the names of six firms with no authorization. The official alerts from the Australian regulator list the names of firms that appear to solicit clients without the permission from ASIC.
ASIC warns against six new unauthorized brokers in Australia
In order to operate in Australian financial market, any company should possess the Australian Financial Services or Australian Credit License. However, the newly added six firms lack both these licenses. Thus, the ASIC has added their names to its warning list.
Specifically, the latest ASIC warning list update includes the following names: BBB Markets, IvoryOption, Plustocks, Aram Binary Options, Millenium Options and VX Markets. Find the details of the ASIC unauthorized brokers in Australia warning below:
|BBB Markets also known as OB Capital Limited||Trust Company complex|
Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands MH96960 ID: email@example.com and firstname.lastname@example.org
|IvoryOption also known as Arya Group Ltd||Landmark Building,|
14 Tsar Osvoboditel Blvd, 6th Floor,
1000 Sofia, BulgariaP: (+44) 203-608-6720 or (+61) 285-203-747 or (+64) 497-475-18 or (+65) 315-902-41 or (+27) 875-503-796 or (+13) 473-322-860
|Plustocks||8 Baden Place Crosby Row,|
SE1 1YW London UKP: +442038072319
|ARAM Binary Options also known as ARAM Wealth Management Ltd||Main Office, Solar Dong building 65 Yeouidaebang-ro,|
Yeongdeungpo-gu, Seoul, South Korea.P: (+44) 330 808 0100 or (+64) 9950 8489 or (+61) 280 466 556 or (+1) 437 888 1190
|Millennium Options also known as Wallberg Ltd||Office 313, Boulevard General Eduard I. Totleben 53-55|
1606 Sofia Bulgaria and3rd Floor, NWMS Centre,
31 Southhampton Row,
London, WC1B 5HJ, UKP: +44-203-608-9931 and +886-2-7703-24509
|VX Markets also known as Clear VX Ltd||78 York Street|
London W1H 1DP UK and1 Millerntorplatz Street
These unauthorized brokers in Australia provide a variety of investment products. Most of the companies concentrate on offering investment schemes, products and investment advice with relation to the Binary Options.
Aside from the Binary Options market, ASIC has been tightening the regulatory rules for the Forex and CFDs brokers. Earlier this week, the Australian regulator has published a new consultation paper for Australian Forex and CFDs brokers. The watchdog’s new document focuses on the new client money rules draft. Starting from April 2018, all holders of Australian Financial Services (AFS) license will need to follow these rules.
The new ASIC consultation paper concentrates on the providers of ‘derivative retail client money’. It states that these market participants will have to implement the necessary changes to the ways they handle clients’ funds. The new changes will need to correspond to the requirements of the Corporations Act.
The Australian regulator highlights the specifics of the new client money rules. ASIC new money rules will impose record keeping and reconciliation rules for the brokers with regulation. Also, it will set out the reporting requirements for AFS license holders that provide Forex and CFDs services.
Think we missed something? Let us know in the comments section below.