Japan MoF warns against OptionBit and FBS, reporting that these entities have no trading license to operate in Japan. Is your broker regulated?
29 May, AtoZForex – The Japanese Ministry of Finance (MoF) has warned the public against dealing with yet another two companies that are believed to be unregulated across the country. The regulator has issued a warning against Binary Options brokerage OptionBit and Forex broker FBS.
Japan MoF warns against OptionBit and FBS
The Japanese watchdog has issued a warning for investors’ community stating that none of the brokers possess a trading license to operate in the country. In fact, financial markets’ regulation is very strict in Japan. Authorities are diligently monitoring the activities of the firms with regulation. Moreover, Japanese regulators are striving to eliminate the activities of businesses with no license.
The latest warning lists two names, Binary Options brokerage OptionBit and Forex broker FBS. Both of the firms appear to have registration in St. Vincent and the Grenadines. This is an offshore location that is largely used by unregulated brokers that target clients globally.
OptionBit is operated by Global View Ltd, which is located at Suite 305, Griffith Corporate CentreSuite PO Box 1510, Beachmont, Kingstown and Global View International Services Ltd with the address at 272 Bath Street, Glasgow, G2 4JR, United Kingdom.
The second broker under the spotlight is Forex broker FBS. The FBS is global firm that is present in more than 120 countries, according to the information on its website. The company is owned by FBS Markets Inc. Additionally, the information on its website www.fbs.com states the following:
‘FBS MARKETS INC does not provide financial services to residents of Belize, the USA, Brazil, Thailand, and Japan.’
Binary Options in Japan
Japan has one of the largest spread of the Binary Options and Forex fraud in the world. Therefore, the regulators are striving to ensure the highest level of protection for the clients. The authorities have introduced the special framework for the Binary Options industry.
Specifically, Binary Options trades in Japan must have a minimum timeframe of 2 hours. Moreover, clients can close their position at any point of time. The Financial Futures Association of Japan (FFAJ) is publishing statistics on the profitability of clients across the Binary Options sector every month. Moreover, it has restricted the number of Binary Options operators in Japan to seven.
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