- Italy adds another binary options company to its blacklist
- com previously also red-flagged by UK financial watchdog
- Some nations now banning binary options firms altogether
CONSOB, an independent statutory agency established to help control Italy’s futures and domestic securities market, has added another binary options company to its blacklist. It says Rbinary Limited has been trading without a license.
The list contains the names of firms that are not licensed in Italy and that have either fraudulently claimed to be working with registered firms or targeted local investors.
According to CONSOB, Rbinary runs a binary options trading website via the rbinary.com domain, yet it does not have authorization or a license to do business in Italy.
CONSOB recommends that Italian investors refrain from trading with this firm and its associates.
Rbinary Limited says it is incorporated under Marshall Islands legislation. According to its website, it shares an address in Britain with another questionable company, CFD brokers SolidCFD.
In May 2018, the British financial watchdog FCA also red-flagged the same company. Last April, the British Columbia Commission warned that the firm was unauthorized. France’s AMF also included the company in its list of unregulated binary options providers, and the United States Commodity Futures Trading Commission added Rbinary to its Red List a few months later.
The news comes as many European authorities take decisive steps to control the binary options industry and curtail the flow of non-compliant and unregulated businesses. Some have banned the industry altogether, while countries such as France have stopped binary options providers from advertising online.
The Italian watchdog also issued a warning against several financial organizations that have been blacklisted as trading scams by various European financial regulators.
Investors are advised to do their homework before entrusting their money to any firm providing binary options services.