New Zealand’s FMA Adds GG Binary to Caution List

The Financial Markets Authority (FMA) of New Zealand has publicized an official warning on its website, alerting investors of conducting business with the binary options broker “GG Binary,” which has unlawfully offered this form of high-stakes trading to retail traders.‎

The financial watchdog today updated its warning list by blacklisting ‎www.ggbinary.com, which claims to be regulated by the New Zealand financial regulator. The FMA added that GG Binary is listed on the Securities and Futures Commission of Hong Kong's alert list as an unlicensed entity and not being located at the address mentioned on their website.

Based on this, the watchdog warns the public not to invest with this entity and ‎be cautious of dealing with their solicitations. ‎

More on FMA authority

While many providers claim to be New Zealand-based, the FMA said it believed these companies were based overseas and providing false addresses, adding that it would look into taking further action if companies were actually based within the country.

The one-size-fits-all reasoning that the FMA gives is that these companies might be running scam operations, and so they have not received licenses to trade with clients. These brokers have also been found guilty of making unsolicited calls and sending out similar emails to locals regarding Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, financial consultation, and credit without gaining the necessary approvals.

The FMA updates the public using warnings and alerts when it ‎believes investors may be at risk. Businesses and individuals are named on ‎this list if they are not registered to provide financial services in New ‎Zealand, have had the FMA enforce action against them for misconduct, ‎have either not responded or not offered a satisfactory response to a ‎request for information, or have received a warning notice from the FMA.‎