ASIC has also released a number of recent public warnings in relation to the entities that have not responded to our concerns in any way. Products such as binary options and margin FX are very complex and risky. Australian investors may be exposing themselves to increased risk when they deal with an entity that is not appropriately licensed or authorised in Australia because they will not be able to rely on many of the protections available under Australian regulation.
Australian investors should check ASIC's professional registers to determine if an entity is licensed to provide financial services in this jurisdiction and should not deal with an entity that does not hold the appropriate authorisation.
A binary option is a financial product, in particular a derivative, under the Corporations Act. Any entity that deals in, or provides advice about, binary options in Australia must hold an Australian financial services AFS licence, or be authorised by an AFS licensee.
Australian clients who receive financial services from an entity that is not appropriately licensed may have the right to rescind their agreement with the entity and may be entitled to recover brokerage, commissions and other fees paid to that entity. Recent advances in technology have made it more possible for providers of retail OTC derivative products to quickly set up low cost website businesses often from overseas locations which may be largely outside our jurisdictional remit.
ASIC has responded to this emerging risk by seeking timely public outcomes to;. Where ASIC has identified concerns it has adopted a more facilitative approach to encourage appropriate and timely remediation of unlicensed conduct. Where entities have not cooperated with ASIC, it has issued public warnings.
Where the conduct identified is more serious ASIC may take further regulatory action as it considers appropriate. Banc de Binary Ltd. Better Returns Investment Group. BigOption, operated by Wirestech Limited. Binary Tilt, operated by Chemmi Holdings Ltd.
BinaryOnline, owned and operated by Zola Ltd. Black Gold International, Ltd. Boss Capital, owned and operated by Melnic Group Ltd. Boyd Clark Resource Capital Solutions. Capital One Forex Limited. Cedar Finance and T. Best Strategy Finance Limited.