FSCA warns against investing with Binary Trade

By Martin Hesse Time of article published Dec 22, 2021

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The Financial Sector Conduct Authority (FSCA) cautions against dealing with an entity supposedly trading using cryptocurrencies, Binary Trade.

According to the information received by the FSCA, Binary Trade approaches members of the public on Facebook and promises to trade in Bitcoin on their behalf. Potential investors are provided with what appear to be two different authorisation certificates, which reflect the name “Binary Trade” and state that the entity is authorised by regulators “in New York and Texas City” to trade in Bitcoin. The FSCA says it is trying to confirm the validity of these authorisations.

Potential investors are then directed to the website http://Xpressmarketfx.com to view information about Binary Trade. The FSCA says that on its review of this website it refers to an entity called Xpress Market Fx. “Attempts to get a response from Xpress Market in respect of its business and relationship with Binary Trade were unsuccessful,” the FSCA says.

It says clients who have wanted to withdraw their investments have been unable to do so.

The FSCA says that neither Binary Trade nor Xpress Market Fx are authorised to render financial services in South Africa.

You should always check that an entity or individual is registered with the FSCA to provide financial services. You can do this on either the toll free number (0800 110 443) or on the search page on its website.

PERSONAL FINANCE

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