New Zealand FMA Joins ASIC in Warning against Banc De Binary

Several months after the Australian Securities and Investments Commission (ASIC) announced that Banc de Binary is an unauthorized service provider and that it recommends retail traders in Australia to avoid it, another watchdog from the region has issued its own, similar warning.

The Financial Markets Authority headquartered in Auckland, New Zealand has issued an official warning on its website, warning the public that Banc de Binary is not authorized to provide its services in the country.

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A number of Cyprus based companies are already targeting Australian and New Zealand residents with unsolicited offers for binary options trading and the watchdogs have not created a framework for the companies to becoming regulated easily.

With the vast number of brokers that are providing their services in both countries outside of the regulatory framework, customers have been convinced to deposit only on the basis of a Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) license.

In the past months, we have seen the first signs of CySEC becoming somewhat more aggressive about enforcing the rules, however that doesn’t mean that the regulator is looking after the interests of clients outside of its jurisdiction.

In the case of New Zealand’s FMA and ASIC from the land down under, there is no separate license for binary options providers. This means that in order for brokers to be providing a regulated service, those have to be regulated just like Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokers are.