Swiss Financial Regulator VS Geneva Option
Just in time for Christmas. The Swiss financial watchdog “FINMA” has added an unregulated binary options brokerage to its public warning list. The broker “Geneva Option” states on their website that they have offices in Switzerland but also state that “The website is operated by HAS Group Ltd, 96960, Majuro, Trust Company complex, Republic of the Marshall Islands”. They also have a UK address on their website.
Apparently though they are NOT regulated by the Swiss regulator and have gotten themselves on the public warning list, probably by soliciting traders from Switzerland without having the proper license from FINMA or from any European regulator that would allow them to passport into Swiss territory. The fact that they use the name of the second most populous city in Switzerland (Geneva) in their brand-name, without having a Swiss license, is somewhat amusing but also shows to what lengths unregulated brokers are ready to go – when they are under the radar.
Is It Dangerous to Trade With Geneva Option?
It is safe to say that if you live in Switzerland you should probably stay away from this broker. Although they do not have many complaints on forums or review boards it seems that they are a new broker and their website is only 8 months old and already they are on a warning list. The fact that they are not regulated by ANY regulatory watchdog AT ALL is also up a big red flag. So our verdict is that you should probably stay away from Geneva Option!
View original warning post on FINMA website here.