In its attempt to fight financial fraud in Italy, CONSOB warns against Binary Options brokers. Which brokers are under the spotlight this time?
20 December, AtoZForex – Italian financial regulator Commissione Nazionale per la Societá e la Borsa (CONSOB) just issued a series of warnings against several brokers. CONSOB warned against binary options brokers and stated that the companies have no authority to provide investment services or activities in Italy.
CONSOB warns against Binary Options
In its official announcement, the watchdog mentions that the listed brokers are not authorized. These brokers include Binary Brokerz, Evolution Trade Lp and Gmi Bq Ltd. Additionally, CONSOB notes that these brokerages operate through the following websites:
- www.binarybrokerz.com
- www.exxonfx.com
- www.gmibanque.com
Moreover, the regulator added the aforementioned brokers to its blacklist. It strongly recommends Italian investors to avoid trading with these firms. Furthermore, the watchdog elaborated that some of the listed firms not only lack appropriate license or authorization, but they believed that to be trading scams. Also, the regulator highlights that these pure trading scams that offer fraudulent High Yield Investment Programs (HYIP).
CONSOB eye Binary Options industry
CONSOB advice Italian investors to check brokers' register before depositing any fund with the brokerages. The watchdog adds that checking the broker’s register is crucial especially if the broker uses aggressive marketing techniques.
It is CONSOB’s third warning in less that two weeks against such entities. That reflects that Italian watchdog increased attention to unregulated binary options providers. However, the regulator still did not follow the bold footsteps of other authorities in Europe that took serious steps against Binary Options activities. Such steps imply establishing an increasingly hostile environment by applying further strict regulations. Moreover, these regulations include prohibiting online advertising by binary and Forex providers in France.
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