Japan's FSA Warns Binary Options Provider SimPop Not Regulated

The Japanese Financial Services Agency (JFSA) has issued a warning that a website offering binary options under the name SimPop is not authorized to do so in Japan. The watchdog said in an update that the company name was World Union Lead Trust Limited and had an address in Paris.

However, on the website of the unauthorized provider the contact number showed a Japanese country code +81 prefix, and on the firm's withdrawal section there is mention of charges of 40 JPY for overseas remittance, therefore implying a relationship to offering either to Japanese clients, or within Japan, and/or Japanese yen denominated accounts.

In addition, the update from the JFSA mentioned a person by the name of Abra Ellington as a contact listed with the company, yet that name appears to have been removed from the website following the news, but had still shown on Google cached results.

It's not clear if any clients have been affected and to what degree if any, while the Japanese regulator warned the local public of the lack of proper authorization for SimPop within Japan and warned local clients. The JFSA issues these reports when it believes that firms are conducting financial instruments business without proper registration, even in some cases when the brokers are regulated elsewhere.

The news follows after the JFSA added Julius Partners S.A. to the list, which is a Panamanian organized entity with Japanese directors, including a person with the name of Di Chan that was mentioned in that previous JFSA warning. That company has a website which appears to list reviews of other firms such as where it may be an IB for other brokers, according to Sobahaku.jp