Binary Options Scam Alert: CNMV warns against Citrades

The local watchdog for the securities and financial markets in Spain, namely the Comision Nacional del Mercado de Valores (CNMV), has continued the battle that most regulators, especially in European and Western jurisdictions, are staging in order to combat the phenomenon of unlicensed entities targeting clients in their regions, by publishing a warning against Citrades, which is a binary options firm offering its services through the website https://www.citrades.com/.

In the relevant announcement, the Spanish watchdog points out that the company in question is not authorized to provide investment services and/or investment advice regarding financial instruments, including foreign currency in its jurisdiction.

It is worth noting that the same brokerage was also the subject of a warning issued last year by the regulator of the Canadian province of British Columbia, the BCSC which had similarly alerted residents in its jurisdiction that Citrades was not authorized or properly licensed to offer its services to the residents of these Canadian province.

 

According to the information on its website, Citrades is a brand owned and operated by CIT investments Ltd, which is seated in Anguilla. The brand appears to be a SpotOption white label and apparently the reason that prompted the Spanish regulator to warn that it is unregistered and Spaniards should not trade through it is the fact that it has a full Spanish language version of its website, meaning that it is directly or indirectly targeting Spanish speaking customers.

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George Milios

George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.

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