Portuguese Regulators Flag Multiple Unregulated FX Firms
Portugal’s Comissão do Mercado de Valores Mobillários (CMVM) has blacklisted a number of unlicensed Forex and Binary platforms engaged in activities that threaten Portuguese retail investors in its jurisdiction that the authority is tasked with protecting.
The regulator has continued the recent wave of warnings issued to Forex and Binary Options brokers that have been targeting retail traders in Portugal. The CMVM has cautioned investors regarding companies First Financial Banc, Invcenter and RB Options. The authority has explicitly pointed out that these firms are advertising highly risky trading products and that they could lose their entire investment if they trade with these companies.
The CMVM confirmed that local registration is required, even for overseas companies offering financial services and trading products for Portuguese residents. Some of the brands flagged by Portugal’s financial markets watchdog had previously been subject to similar warnings from other regulators. These firms include Zulutoys Limited and its subsidiary RBOptions. Both are a part of a binary options broker domiciled in Canada but is not authorised to provide its services in Portugal.
RBOptions has a history of raising the alarm with financial regulators. The company caught a lot of attention from the Canadian authorities after the brand proudly issued a press release claiming that it is the only binary options brokerage operating from Canada. However, the company is not authorised or regulated to do so.
Three Canadian provincial watchdogs have cautioned against the company in recent years. The British Columbia Securities Commission (BCSC) and Ontario Securities Commission’s (OCS) and Saskatchewan’s regulator are among those who issued warnings to Canadians already.
According to RBOptions website, it is owned by Zulutoys Limited in the Marshall Islands and the clearing services for processing clients deposits is managed by a UK company called RB Secured Processing LTD.