Spanish watchdog warns against binary broker Empire Options

The Spanish financial markets regulator, the Comisión Nacional del Mercado de Valores (CNMV), which is mandated to supervise and inspect the Spanish Stock Markets and the activities of all participants in these markets with the purpose of ensuring both the transparency of the local industry and the protection of investors, has been particularly active and vocal lately, mostly through issuing warnings against entities which target Spanish investors without proper authorization.  

The recent warnings issued by the CNMV have targeted several forex and binary options brokers who operated without registration and license, such as FXMARKER , Imperial Options, Financika, Safeklik and BK Trading.

According to an official statement the most recent entity to be warned against is binary options broker, EmpireOptions, with the CNMV noting that this company is not authorised to provide investment services, including investment advice, in relation to financial instruments like Forex. According to the Spanish Securities Markets Law, having the appropriate licenses and authorization is mandatory for all those wishing to provide investment services.

It should be pointed out that Spain’s CNMV is not the first regulator in Europe to warn against Empireoption.com, since France’s AMF has also included this particular broker in its “Black List” of unauthorized binary options providers since 2014.

 

The brokerage’s official website (empireoption.com) does not offer any details of any licenses, authorisations or permissions that the broker has and it does not even provide a physical address for the company, simply stating that the processing of transactions is provided by Brighton Digital Services Ltd, headquartered in London. However, the company has both a Spanish and a French version of its website, along with a couple of other languages, while it also lists local numbers in many countries, including Spain, Mexico, Chile, Columbia, Peru and Venezuela, something that is indicative of its active attempt to solicit Spanish and Spanish speaking customers across the globe.

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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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