New Zealand’s Financial Markets Authority (FMA) has updated its warning list to include Titan Trade, a binary options broker offering investors the opportunity to trade in a variety of assets including stocks, commodities, currencies and indices.
The inclusion of Titan Trade in the FMA’s warning list follows last month’s a brokerage flagged for soliciting its services without a licence.
No Licence
Titan Trade operates online via the website https://titantrade.com/ and is located at 35 Barrack Road, Belize City, Belize. The brokerage also lists a UK address at 31 Southampton Row, London, UK which serves as a payment service provider but it is not under the jurisdiction of the UK’s FCA.
According to the FMA’s website, Titan Trade is categorised both as an “unregistered business” and a “business to be wary of”. This is because businesses or individuals offering financial products or services in New Zealand must be registered on the Financial Service Providers Register (FSPR) and Titan Trade is not.
For this reason, the FMA has recommended that potential investors do not invest money through this business.
ASIC Warning
This is the second time Titan Trade has come up against the financial industry watchdogs. The brokerage was (ASIC) last month as a company not to do business with, as reported by Finance Magnates.
The FMA’s updates are part of the watchdog’s attempts to clamp down on unregulated financial services activities where it believes investors may be at risk.
Businesses and individuals highlighted and listed by the FMA if they are not registered to provide financial services in New Zealand, have had the FMA enforce action against them for misconduct, have either not responded or not provided a satisfactory response to a request for information, or have received a warning notice from the FMA.
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