GetBinary added to FINMA’s Warning List

By Annie Reona | Sunday, July 12th, 2015

FINMA logoFINMA, 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 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.

Further reading: FINMA’s Warning list

Published in News & Analysis

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