British Columbia Securities Commission (BCSC) follows the lead of the Australian Securities and Investments Commission (ASIC) and warns against trading with Option.fm
The ongoing battle between global regulators and unregulated (and some regulated) binary options operators has continued apace with the BCSC generating four warnings in little over a week with Option.fm the latest target following warnings against Magnum Options, Ivory Options and Trades Capital.
Option.FM are regulated by the International Financial Services Commission of Belize under the name of B.O. Technologies Limited for ‘Trading In Securities Services’. Phew! And we thought they were unregulated……….
Both regulators accuse Option.fm of making unsolicited calls or sending emails with the intention of getting the recipient to open an account while at the same time the company:
- ‘….is not registered to trade in, or advise on, securities or exchange contracts in BC’ [BCSC]
- ‘…does not hold a current Australian Financial Services (AFS) licence…..from ASIC” [ASIC]
ASIC provides the following address for Option.fm:
28 Queen’s Road,
which is a virtual office operated by Bridges Executive Centre Limited. In Bridges own words:
‘Without physically occupying the office space, you can run your office from your home or an overseas site, having a professional and complete corporate image. Perfect for a start-up business or corporations to enter into a new market.’
The cynic might suggest even more perfect for a scam operation that will do whatever it takes to avoid being tracked down by the SEC or any other regulator or body that deems that the perpetrators of these scams need banging up.
SpotOption is providing the technology for Option.fm so one might assume that they would know the names behind Option.fm and the real address from which Option.fm operates.
B.O. Technologies Limited
ASIC also provide the business name, B.O. Technologies Limited, which operates the Option.fm website with an account number from the Unicredit Bulbank AD, which just happens to be the largest bank in Bulgaria.
The likes of Option.fm are bringing the binary options sector into disrepute. They should be ostracized by those legitimate operations within the industry before draconian legislation is passed that negatively impacts on all participants in the binary options industry.