South Africa’s FSB Warns Against RBOptions

South Africa’s independent regulator, The Financial Services Board (FSB), today issued a warning against RBOptions, a binary options broker domiciled in Canada but not authorised to render financial services in South Africa, according to a recent FSB statement.

RBOptions is a Canadian broker with a history of raising the hackles of financial regulators. Three Canadian provincial watchdogs have warned against the binary broker in the last two years. In January 2014, the British Columbia Securities Commission (BCSC) put out an investor alert about RBOptions, and in March of the same year Ontario Securities Commission’s (OCS) followed suit. Saskatchewan’s regulator also followed other provincial authorities and warned about the brand in August 2015.

According to the broker website, RBOptions is owned by Zulutoys Limited in Marshall Islands and the Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term services with respect to the website and the company are provided by RB Secured Processing LTD, a UK company located at NWMS Center, 31 Southampton Row, London WC1B 5HJ.

Apparently, they eventually changed their headquarter address to the Marshall Islands after Canadian regulators cracked down, but who can confirm; virtual office addresses can be bought over the internet everywhere.

According to the South African watchdog, RBOptions solicits investments from the general public in order to trade on its platform while the company is not authorised to render financial services in the country. Furthermore, RBOptions is not a representative of an authorised financial services provider, as required by the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2002.

Lucrative destination

South Africa enjoys a strong and well organized financial market, therefore has become a repeated destination for brokers looking to expand their client Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term sights toward the nation, depending on one of the world’s top ten capital markets and thousands of investors.

The FSB again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSB on either a toll free number or on the website www.fsb.co.za. The FSB is an independent institution, established by statute to oversee the South African non-banking financial services industry in the public interest, and fully funded by fees and levies imposed on this industry.