The verdict is in – watch out for 365BinaryOption. Today, the Central Bank of Ireland became the latest in a series of financial institutions to warn against the firm, which also goes by the name of 365-FX, Oproserv Limited and Fintech Software Inc.
According to the warning, released by the central bank, the firm is operating in Ireland and offering financial services without the proper authorisation. The bank has highlighted that this is a criminal offence in Ireland and therefore consumers should be wary of this company.
365BinaryOption operates via its websites www.365binaryoption.com and www.365-fx.com. It claims to be a forex broker, specifically, “one you can trust”, that offers investors the chance to trade currencies, shares, indexes and commodities. However, the list of warnings against the company state the complete opposite.
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On its website, it claims to be one of the leading online trading platforms in the world – quite a big claim to make. But don’t let this statement fool you because, as the central bank reminds in the statement, if you invest in a firm that is not authorised and lose your money, you won’t be eligible for compensation from the Investor Compensation Scheme.
FCA and ASIC warn against 365BinaryOption
As stated above, the Central Bank of Ireland is not the first regulator to warn about this broker. In fact, here at Finance Magnates, we have reported on warnings about this broker twice – once from the Financial Conduct Authority (FCA) in the United Kingdom and another time from the Australian Securities and Investments Commission (ASIC) last year.
According to the warning from the FCA, 365 Binary Option is owned by Oproserv Ltd. The broker came up on the watchdog’s radar back in August for promoting or selling financial services or products in the United Kingdom without authorisation. As a result, the FCA flagged the firm as suspicious and identified that it could be a scam.
So do yourself a favour and give this broker a wide berth.