Australia financial regulator ASIC has issued a warning against binary options broker comparison website Top Ten Binary Brokers, operating at toptenbinarybrokers.com. The company also operates Australia-focused sites at toptenbinarybrokers.com/au and toptenbinarybrokers.com/au2.
ASIC is warning the public not to use the Top Ten Binary Brokers website to sign up for any of the binary option services advertised.
Top Ten Binary Brokers websites purport to be a reputable review of the top binary option brokers that offer financial services to Australians. However ASIC is satisfied that potential investors are likely to suffer detriment as a result of being misled.
ASIC stated that it has made numerous attempts to contact Top Ten Binary Brokers but there has been no response to any of its requests.
ASIC’s warning follow similar binary options scams warnings issued by some of Canada’s provincial financial regulators. In one recent instance, Canada’s MSC reported that one of its own staff was cold called at home by unlicensed binary options broker Central Option, claiming to be working from a Central Option office in Toronto (there is none), and that profits from trading Binary Options were tax free.
ASIC is concerned that Top Ten Binary Brokers is offering unlicensed financial services in Australia:
- through various web advertising that is directed at Australians; and
- via websites such as https://www.toptenbinarybrokers.com/au and https://www.toptenbinarybrokers.com/au2 (Top Ten Binary Brokers Websites).
In addition, ASIC is concerned that the entities listed on the Top Ten Binary Brokers review website are, for the most part, also not licensed to provide financial services in Australia.
Until adequate Australian licensing has been obtained by Top Ten Binary Brokers and by the brokers listed on the Top Ten Binary Brokers websites, ASIC warns that the Australian public should avoid signing up for any of the financial services listed on those websites.
ASIC believes that the advertising by Top Ten Binary Brokers and the information on the Top Ten Binary Brokers websites is likely to mislead the Australian public into believing the entities listed are appropriately licensed and regulated in Australia. The public should avoid clicking on that advertising.
ASIC is also satisfied that it is in the public interest to warn the public about the conduct of Top Ten Binary Brokers.
To see the ASIC warning re Top Ten Binary Brokers click here.