GetBinary added to FINMA’s Warning List

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Public warnings issued by FINMA

FINMA provides information about the potentially damaging behaviour of certain financial market participants by maintaining on its website a warning list, a list of final rulings released in line with Article 34 FINMASA and a list of investigating agents acting for FINMA. The most recent entries in these lists summarise and warn investors, creditors and policyholders about any likely dangers.

Warning list

The warning list includes companies and individuals suspected of conducting unauthorised activities in the financial market. Inclusion in the list does not necessarily mean, however, that the company is conducting illegal activities.

GetBinary added to FINMA’s Warning List

By Annie Reona | Sunday, July 12th, 2020

FINMA, the Swiss Financial Market Supervisory Authority, has recently added binary broker Get Binary to their warning list. According to the Swiss financial watchdog, this company does not hold the proper licenses to offer investment services in Switzerland.

Get Binary can be found offering services from getbinary.com where they have a support phone numbers from several different countries, including Switzerland. This and their targeting of Swiss investors caused Get Binary to appear on FINMA’s radar.

This binary options broker states that one of their main offices is located in the United Kingdom, however, their name is not on the Gambling Commission’s list. The Gambling Commission is the entity responsible for regulating all binary options companies within the United Kingdom, and Get Binary’s absence from this list is another cause of concern for FINMA.

FINMA has stated that even if a company is on their warning list, it does not necessarily signify that the company is doing anything illegal. The reasoning behind FINMA including Get Binary as well as many other binary options brokers is that they seek to highlight the lack of authorization held by these businesses, not strictly because the company is breaking any laws.

According to Get Binary’s about page, they merged with Glendore Trading Limited, which is a business process outsourcing consultancy and agile software development company located in Ireland. This merge occurred in 2006, and has since allowed Get Binary to become one of the largest electronic trading companies in the world. They now offer binary trading options for both private consumers as well as institutions and large companies.

As with all financial institutions, it is important for the individual consumer to perform proper research before investing through a particular organization. It is also important for large financial authorities such as Switzerland’s FINMA and the United Kingdom’s Gambling Commission to continue to monitor these companies to ensure that they are operating with the correct amount of authorization within the industry.

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Public warning: is this provider authorised?

A number of financial services require FINMA authorisation. If FINMA receives information that a provider is operating knowingly or unknowingly without authorisation, it will investigate the matter. If initial suspicions harden, FINMA can launch enforcement proceedings and impose measures of varying severity which may even lead to closing down the company.

The public should be especially wary of providers who have seriously breached supervisory regulations and subsequently been the subject of a FINMA ruling. The names of companies or individuals are published in accordance with Article 34 of the Swiss Financial Market Supervision Act.

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