Online Binary Options Trading Platforms

The Financial Services Commission (FSC) has today issued a further warning to the public regarding a number of companies carrying on business as online binary options trading platforms.

The FSC has received information about websites operated in the name of these companies, for which the company secretary has resigned and also filed a ‘Notice that the company does not have authority to use the address it has registered’ at Companies House.

References are made on these websites to the companies’ former registered office addresses in Gibraltar, as if this was where the websites were operating from.

The FSC has received complaints from customers, where they describe having been unable to withdraw funds placed into trading accounts operated by these websites or otherwise experienced difficulties when attempting to obtain monies owed to them.

None of these companies are or were regulated by the FSC, nor licensed under the Financial Services (Markets in Financial Instruments) Act 2006, to carry on investment business in or from within Gibraltar.

Customers of these websites, or of companies currently providing online platforms for binary options trading are not covered by the Gibraltar Investor Compensation Scheme.

The FSC therefore urges the public to avoid engaging with these companies, as they have no place of business in Gibraltar and for which it has been unable to establish their true location.

People are able to verify whether a firm is licensed by the Gibraltar FSC, by checking the "Regulated Entities" section on our website. Any persons who are already involved in any dealings with the above entity and have concerns, should contact the Manager, Enforcement on +350 200 40283 or by e-mail.