One more binary options broker has been blacklisted by the Australian regulator ASIC. Adding extra pressure on the already worrisome outlook of binary options market. What do you think is Binary Uno scam or reliable?
6 March, AtoZForex – The Australian Securities and Investment Commission (ASIC) is a corporate, markets and financial services regulator in Australia. According to the regulator, Australian companies need an AFS license to legally sell investments in Australia. Moreover, ASIC is responsible for regulating the financial markets and to safeguard the investors in Australia.
The latest announcement of the regulator, reveals that ASIC has added binary options broker Binary Uno to its warning list. The Australian watchdog claims the broker to be an unauthorized entity.
Binary Uno Scam or Reliable?
On ASIC’s Money Smart website, the Australian regulator has released a warning against a binary options broker Binary Uno. As per the warning note, the firm is not licensed by ASIC to perform any financial operations in the country.
The regulatory entity listed Binary Uno to its warning list claiming that they have made unsolicited calls and emails to the Australians. Moreover, the binary options broker does not hold a current Australian Credit license or Australian Financial Services license from ASIC to do so.
Binary Uno provides an online binary options trading platform. It also offers advanced online CFDs, Forex, and commodities brokerage platforms. Furthermore, the company provides services to the investors globally.
Binary Uno is owned and operated by Smart Choice Zone LP. The firm is located at 272 Bath Street, G2 4Jr, Scotland as per the regulator warning. The company operates online via binaryuno.com. Moreover, they lack to provide any regulatory or licensing authority details.
Dating back to September 2016, Binary Uno has been even blacklisted by the Canadian provincial regulator BCSC.
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The ASIC's advice to the investors
According to the regulator, most of the scams come from overseas companies. The fraudsters target Australians because ASIC does not have offshore jurisdiction to investigate and prosecute them.
However, ASIC can inform the regulator in the fraudster’s country so that the regulator may track these illegal activities. The regulator further warns that if the firm or individual is not licensed, do not deal with them. Instead, report such activities to the ASIC so that they can warn others and avoid others to be the victim.
Bear in mind most offshore companies selling overseas investments to Australians generally require an Australian Financial Services (AFS) license.
According to the ASIC watchdog, the binary options broker Binary Uno is an unauthorized, unregulated firm to provide financial services in Australia. Investors are putting their funds at higher risk when dealing with unauthorized, unregulated entities. It is strongly advised to only deal with regulated entities, authorized and registered by reputable regulatory bodies.
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What do you think, is Binary Uno scam or reliable? Let us know in the comments section below.