Scam Exposure: CNMV & CySEC Issue Warnings Against Forex Broker Binomo

Recently, a few financial regulators of different territories keep tight eye on forex brokers. 

BrokersView learned that the forex broker Binomo was warned by 2 regulators, giving the reason that Binomo is an unregulated broker, and operates and attracts clients without any legal licenses.

Warned by Spanish Regulator CNMV

The broker claims it has a world-class trading platform, offering the highest quality services and support, including professional level tutorials, analytical services, and client support. Is is true? We don't know. But at least, we know you will be under risk if you trade with the broker as it was warned by regulator The Spanish National Securities Market Commission (CNMV).

According to the warning, CNMV warned the public that the firm is not authorised to provide the investment services in the country.

Warned by Cyprus Regulator CySEC 

After we checked the information about Binomo, we find it warned by another regulator - The Cyprus Securities and Exchange Commission(CySEC) , the release is as follows:

"CySEC wishes to inform investors that the website binomo.com, does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (1)/2017.

CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities."

To be able to offer forex trading service, the broker must get the necessary license(s). As the information we hold, the Binomo operates without any regulatory licenses, therefore it does not regulate forex trading. As a forex trader, you must know that a broker offers trading without licenses, meaning it doesn't respect the laws and become a fraudulent broker.