Forex and Binary Brokers ssbinary, OptionsXO and DynamicTrade Exposed

A couple of binary options and forex brokers have been noted by the Japanese watchdog from the Kantou provincial regulator which is operating under the jurisdiction of the ministry of finance. However this time around the violations are not limited to obscure and not very well known unregulated brokerages.

A multi level marketing scheme under the brand of SmartTrade is also on the radar. The obscure company has verbatim copied the logo of the financial company and apparently it has been offering it products to Japanese residents.

The duo of binary options brokers that have been identified by the Japanese regulator as dangerous to consumers of online financial services in Japan are ssbinary and OptionsXO. Both companies are not legally permitted to target Japanese clients.

Another firm has been providing forex trading services without the required permits and from the looks of it has been operating only in Japan. DynamicTrade has been outlined by the regulators as a firm that does not have the necessary permit to be operating in the country. The Japanese subsidiary operating the website claims to be registered in British Anguilla.

One more website with the same name is operating with an eu domain name and is translated into Russian, which seems to be an indication that the firm is targeting Russian investors. The website claims that the firm is operating from Dublin, Ireland.

After looking through regulatory announcements and registers, the company does not appear to be on any list which is authorizing it to be providing its services in the European Union.

The number of unregulated brokers is growing day by day and the regulators are having a hard time to address all of the complaints against firms that have in some way misled their clients. Clone companies and unregulated brokers or firms that are registered in obscure offshore territories may be posing substantial risks for clients.

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