When binary brokers as IQ Option are growing in South Asian countries without any regulation (it’s the case of Thailand as moneyonlinethai magazine evoke it), New Zealand Financial Watchdog decided to act against this worldwide scam.
The Financial Markets Authority (FMA) of New Zealand has warned the natives against IQ Option, a famous binary options brokerage. This follows similar warnings by the Australian Investments Commission (ASIC) and the Autorité des Marchés Financiers (AMF) of France.
The warning by FCA warns the locals to be extra cautious when considering the online trading services this broker has to offer. More so, FCA stated that the company has no authority to operate in New Zealand, neither is it registered.
About IQ Option
IQ Option is a binary options trading company operated by Rodeler Limited, authorized under CySEC license number 312820 to provide online trading services. However, this has not stopped some states from warning trading communities against IQ Option’s operations, others even banning its operations.
In July last year, ASIC banned the firm from approaching Australian traders, including other 40 brokerages including CherryTrade, OptionRally, Banc de Binary, Opteck, IQ Option Limited amongmany others. In August 2016, the French regulator issued a warning to traders against involving themselves with IQ Option , and banned the company from soliciting, taking contracts and offering any kind of financial advice to clients.
Finance Magnate Exclusive Story
About a year ago, Finance Magnate published an exclusive story in regards to the move by the French to ban IQ Option. It also reported CySEC’s response to Cyprus Mail daily. The chairperson of the Cypriot regulator, Demetra Kalogerou, commented that it was the first time that a Cyprus-based company was banned from the European markets. She went ahead to add that the decision made was over two sentences of promotional text on the company’s French website which were deemed misleading adding to a single complaint out of a clientele of 10000.