FSMA Warns BFXoption.com is Out of Options in Belgium

Belgium's Financial Services and Markets Authority (FSMA) has warned the public that the binary options provider BFXoption.com is not authorized to offer investment services in or from Belgium, according to a copy of the warning issued by the FSMA dated April 9, 2014. BFXoption offers at least 35 different binary options contracts across various asset classes, including Foreign Exchange with 11 currency pairs, according to information on its website. The company appears to be using Tradologic to power its platform offering, and Reuters for price data. 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 Magnates covered the last forex related warning from FSMA just weeks ago, and following the above mentioned warning, calls to the company's UK-listed phone number went unanswered around time of publication. According to BFXoptions terms and conditions listed on its website, the document references Cyprus law as a basis/venue for any dispute of its terms of use. It's not clear to what extent the firm may solicit business in Belgium or what triggered the FSMA to issue the warning. Generally regulators will make such warnings to protect the residents within their jurisdiction, even if the firm is regulated elsewhere (unless a proper passport or MoU is in place), or in some cases to give a more stern warning of a possible scheme or clone website. Recent Warnings from Belgium and Beyond in the Last Week Following the above mentioned publication by the FSMA, the Belgian regulator also warned the public against the activities of TJB Trading, a company that offers investment services, and claims to have offices in Zürich and in Beijing, but that is not an authorized investment firm or credit institution in Belgium, and therefore not allowed to provide investment services in or from Belgium, according to that announcement from last Friday. In addition, the FSMA as part of its cooperation with IOSCO, as a signatory to the Multilateral Memorandum of Understanding (MMoU) which over 100 countries have signed, Belgium lists recent warnings from other financial markets regulatory authorities, such as the following which it just re-posted from IOSCO's updated list, and including two from Last Friday, and two from last Thursday for firms that were warned from foreign authorities who are members of ESMA-Pol: 11-04-2014 SVS Securities (clone of FCA authorised firm) - Warning from the Financial Conduct Authority (United Kingdom) 11-04-2014 Baltic Bank/Baltic Trust Bank KB/Baltic Trust KB - Warning from Finansinspektionen (Sweden) 10-04-2014 Edward Evans Group - Warning from the Financial Conduct Authority (United Kingdom) 10-04-2014 BlackRock Offshore Bullion Investment Fund (non-existent fund falsely purporting to be from an FCA authorised firm) - Warning from the Financial Conduct Authority (United Kingdom) As part of Forex Magnates latest Quarterly Industry Report (QIR) for the first quarter of 2014, a detailed review of recent IOSCO-related developments were analysed, including feedback from an IOSCO spokesperson, and with regards to the future of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term for Foreign Exchange and other asset classes. This report is available now for purchase.