Hong Kong financial regulator has warned the public against dealing with yet another Binary Options operator. Is 72-Option scam or reliable? Let's find out.
14 August, AtoZForex – Hong Kong primary financial regulator Securities and Futures Commission (SFC) has issued another warning for the investors’ community. The Hong Kong watchdog has warned investors against dealing with 72-Option.
Is 72-Option scam or reliable?
The Hong Kong SFC has cautioned investors about the activities of one Binary Options brokerage with no license. The regulator has added 72-Option in its warning list.
The firm has been offering Binary Options online, according to the regulator. The brokerage operates through an online trading platform via www.72option.com. The SFC states that the firm has no authority to operate in the country. Nevertheless, the Binary Options broker chose to do so.
72-Option is the latest addition to the SFC warning list. At the same time, the regulator warns about the increase in Binary Options solicitations across the country. As of now, there are no Binary Options brokerages that have registration in Hong Kong. Thus, the SFC warns that all of the Binary Options trading companies are operating illegally in the territory of Hong Kong.
What do we know about 72-Option?
The Binary Options broker under the spotlight is 72-Option. As we already discussed, it operates online. The firm claims to have offices at Sofia, Bulgaria. The parent company of 72-Option is Epic Ventures Ltd.
The SFC states that the company uses a bank account in Hong Kong on the name of Luxury Billion Ltd. for settlement. In addition, Hong Kong regulator states that this firm is not present in the region. Yet, it is worth to note that SFC warned that the firm can use the details of a legitimate company to confuse investors.
Hong Long financial regulator actively oversees the financial sector of the country. As a part of its regulatory activities, the SFC issues warning about entities with no regulations. It also warns investors about scams operating in Hong Long. Currently, the SFC’s Alert list comprises the names of businesses that are believed to be or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.
Think we missed something? Let us know in the comments section below.