France Warns Against 10 Unregulated Binary Options Sites
31st of March 2017
The French financial regulator, AMF (Autorité des Marchés Financiers), is certainly no stranger to controversy when it comes to cutting off unregulated brokers. The financial watchdog has now added 10 more binary options sites to its warning list.
As a matter of fact, AMF went as far as saying that the list was not exhaustive, which hints at the possibility that more brokers might find their names added to the list in the due course.
Additionally, in a move that exhibits its skeptical but cautious and realistic view of this industry, AMF also cautioned its residents that these sites might change their domains in an attempt to nab clients who might stay away from the publicized domain names.
The 10 sites have no authorization to offer their binary options services in France. And that makes them dangerous for local residents because these clients do not get any legal protection within the country when dealing with these brokers.
The ten domains added to the warning list are: www.agenda-invest.com, www.financial-futures-ltd.com, www.gmsa-investments.com, www.group-investment.com, www.labastilleandpartners.com, www.lepartenairefinancier.com, www.marketoptions.com, www.owpremium.com, www.swissxm.com, and www.tp-markets.com.
The regulator has an official list of all brokers who should not provide their services in the country. The public is encouraged to consult this list before signing up with any binary options broker to avoid using unlicensed sites.
In fact, in line with its highly spirited agenda to keep the locals safe, the regulator has also stated that the list will keep growing as time goes by. But providing warnings about risky brokers is not all this regulator does while trying to steer unwary residents away from dangerous financial operators.
Only a few months ago, AMF introduced further legal restrictions to binary options and forex operators. They included a ban on the use of electronic advertisements. Forex brokers were also directed to introduce mandatory stop losses and negative balance protection.
The country has always had a dim view of the binary options industry, which is partly the reason why it has never hesitated to blacklist any operator that violates its rules, regardless of its international reputation.
The regulator has even threatened those who help facilitate the operations of the blacklisted sites with criminal charges. Therefore, citizens are strongly advised to do their binary options trading using authorized brokers; which have been published on the regulator’s site for reference.
Over the years, AMF’s interventions with regard to the binary options industry have created numerous controversies. Many have viewed the regulator as unnecessarily heavy-handed, and unjustifiably biased against the binary options industry.
But some have considered its legislative approach quite appropriate. This group consists of binary options operators who are authorized to operate in the local market.
These firms obviously benefit from the fact that the country is uncompromising in its goal to rid the country of unlicensed operators, which helps keep the French binary options market firmly in the hands of regulated brokers.
Whatever the case, it is pretty clear the protecting local traders is the regulator’s main goal as it oversees the industry. And this is fairly justified when the binary option industry’s rogue reputation created by the unending presence of scam binary options operators is taken into consideration.