Spain’s CNMV warns against unauthorized binaries brokers ST Capitals, Banco Binario
Spain’s financial regulatory body, the Comision Nacional del Mercado de Valores (CNMV), warned on Monday in separate notices against several binary options brokers SFKK Trading Solutions, trading as ST Capitals, and TDB-Options Ltd., doing business as Banco Binario, that operate within the country without an authorization.
SFKK Trading Solutions operates via the website www.stcapitals.com and TDB-Options Ltd. uses several different websites to provide its services:
- www.banco-binario.com/es
- www.banco-binario.net
- www.opcionesbinarias-bancobinario.net
- www.bancobinario-finanzas.net
- www.investingbinario.com
- www.bolsalp-banco-binario.com
- www.tradesopcionesbinarias.com
Since the entities are not registered in Spain, they are not authorized to provide financial or auxiliary services in the country.
On its website, ST Capitals says it is operated by Y2 Media Group Ltd., based in St. Vincent and the Grenadines, and by London-based FKK Trading Solutions Ltd. The broker mentions nothing about regulation or registration.
In binary options trading, investors guess whether the price of a certain instrument would go upwards or downwards within a pre-determined time frame. Once the time is up, the option is deemed expired and the bet is settled. Depending on the outcome, a trader either collects a profit, or loses money. Due to its high-risk nature, binary options trading is not allowed in some legislation, while in others it is strictly regulated. Although it is not forbidden in Spain, binary options trading without authorization is illegal when not authorized.
The Spanish regulator maintains a register with investment companies that are authorized to operate in Spain. In order to operate lawfully, companies need to obtain a license by the local relevant authorities or the authorities of any other EU member state.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.
News link: https://smnweekly.com/2016/06/27/spains-cnmv-warns-agains-unauthorized-binaries-brokers-st-capitals-banco-binario/
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