New Zealand Financial Regulator Warns Option2Trade as Suspected Scam
On January 22, the New Zealand Financial Markets Authority (NZ FMA) issued a announcement alerting the public that Option2Trade (O2T) may be a scam.
The regulator said it does not recommend investors deal with Option 2 Trade while presenting the website used by the online trading platform.
According to the FMA, the platform claimed to be regulated by MISA, the Mohéli International Services Authority under the Union of the Comoros. However, the Central Bank of Comoros does not recognize MISA's authority and says the agency does not have the power to license local financial institutions.
Meanwhile, the FMA emphasized that Option 2 Trade was not registered to provide financial services in New Zealand.
The New Zealand financial watchdog advised investors to be cautious when dealing with institutions claiming to be regulated or authorized by MISA.
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