Why Bloombex Options and GOptions receives ASIC warning

9 June, AtoZForex The Australian Securities and Exchange Commission (ASIC) issued a warning directed at investors in Australia today. Traders were suggested by the warning to stay away from eight binary options companies. Amongst the eight listed binary options firms were GOptions and Bloombex Options.

Why Bloombex Options and GOptions receives ASIC warning?

ASIC indicated that all the listed firms operated websites offering binary options and related services. None of them had the official authority or the required licenses to carry this out in Australia. Bloombex Options and GOptions receives ASIC warning based on concerns for the safety and security of traders and residents. They believe the firms are attempting to acquire Australian clients by pretending to be regulated legitimate firms.

All the websites of the firms listed allow clients (including residents of Australia) to register live trading accounts and for ASIC this meant a potential risk due to their unregulated status. ASIC concluded that based on this criteria while bearing in mind the safety of all its residents, that they are suggested to avoid these entities until they get appropriate licenses.

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Both brokers are registered in Commonwealth of Dominica

The regulator made several attempts at contacting the listed eight firms. All these efforts were eventually unsuccessful and resulted in the announcement of these warnings to protect the residents from malpractice. The detailed addresses and corresponding websites of all the firms (inclusive of brand or alias names) were listed along with the country of origin and location of incorporation.

Operating as Bloombex Options – Bloombex Ltd and operating as GOptions – Go Trading Technologies Ltd both brokers are registered at C&H Tower, Corner of Great Marlborough and Great George Streets, Roseau 00152, Commonwealth of Dominica. The identical addresses can be explained that both firms used local agents to acquire a registered address for mailing purposes. This is usual when the firms have no physical office presence there.

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