Japan’s Financial Services Agency (FSA) appears to be more determined than ever this year to crack down on the unauthorized investment firms that appear to be targeting Japanese investors and within this framework it proceeds in updating its list of unregistered entities almost on a weekly basis. Following a series of similar warnings already issued in January, the FSA has just added five more providers of binary options trading services to the black list, namely the firms:
On Binary Administration Office (Onbinary), Byne Administration Office ( Byne), ZBinary Options (Zone Options), Terapad Services Ltd (Ybinary, Broad Media Ltd) and Mandala Operations Limited (Binary-Cloud or Green Galaxy International).
According to the FSA, the addresses of the first two of the above-mentioned binary options brokers are unknown, whereas the other three claim to the situated offshore (in the UK, Belize, and the Seychelles respectively). However, under the relevant Japanese law, all providers targeting Japanese clients need to have applied for and obtained registration and authorization from the FSA, regardless of whether they have an address in Japan or not.
The five entities mentioned above have Japanese versions of their websites and this is deemed as adequate evidence of the fact that they are soliciting Japanese clients without being licensed to do so. As the size and potential of the Japanese market is huge, more and more brokers are tempted to try and get Japanese customers and it is certain that the FSA will soon be forced to chase down other such unlicensed brokers as well.
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.