Binary Options Scam Watch – Japan’s FSA warns against SimPop

Japan’s Financial Services Agency (FSA) has earlier today updated its Warning List of investment companies targeting Japanese clientele without the necessary permission from the authorities.

The set of latest additions includes binary options broker SimPop, offering its services via The company behind this binary options broker is World Union Lead Trust Limited, purporting to have an address in France.

fsa_logo_green1The website of the company has a Japanese-language version too, which is a significant reason for the FSA to claim that the broker is actually targeting Japanese investors. If a derivatives services provider is targeting Japanese investors, albeit online, it should obtain the necessary registration with the Japanese authorities. As SimPop does not have such authorization, it made it to the Warning List.

The Japanese regulator often updates this list of unregistered investment services providers. In February this year, for instance, the FSA issued warnings against three unregistered binary options brokers – BizOption Management Office (Bizoption), Worldoptionner Management Office (Worldoption), LFG Investment Ltd (OptionRally).

For the full FSA warning list of unregistered overseas investment companies, click here.

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