Two FX brokers NEXTART and Angelo Limited, have been blacklisted by the Japanese financial regulator Kanto Finance Bureau due to their ineligible status to render financial services. The two companies have been going on with their daily duties without the required documents, which guarantee their eligibility. According to a statement released through the watchdog’s website, both firms aren’t qualified to operate in the country following their inability to obtain all the required legal documents and files.
Customers Told to Beware Of Dealing With blacklisted Companies
Despite the decision to stop them from operating in the Asian country, Kanto Finance Bureau revealed both companies are still going with their normal trading activities online, meaning they are still very active in the industry.
As a result, the Japanese financial regulator has issued a stern warning to cryptocurrency users to desist from doing business with them as it is a risky thing to do. According to the regulatory system, dealing with the blacklisted companies isn’t advisable as they are not legally seen as qualified and standard companies to partner with.
Meanwhile, all FX brokers operating in Japan must be registered by the Finance Bureau. Irrespective of status and fame in the industry, all firms are directed to register with the country’s financial regulatory department before they can comfortably render financial services to the people. This is because Kanto is given the mandate to take full charge of all business registration matters in Japan.
In the same vein, companies are equally advised by the Kanto Finance Bureau to obtain the JFSA authorization documents before engaging in any business activity. For instance, Cyprus-based firm Infin Markets registered with the Cyprus Securities Exchange Commission before migrating to Japan for business opportunities. Still, it wasn’t allowed to stay in the country until it registered with the Kanto Finance Bureau.
Kanto Finance Bureau offers a fresh warning to customers amidst the return of binary option dealers
The country is witnessing a huge increase in the number of binary options dealers in the country, despite the agency’s strong action against the practice. As part of the fresh warnings given to cryptocurrency traders and investors, the Japanese watchdog told binary options dealers to desist from such operations because they will be strongly punished when caught. The agency also urged customers to be very wary of such brokers because doing business with them isn’t supported by the Japanese government as it is dangerous and risky.
The Japanese financial regulator isn’t slowing down in its desire to eliminate the Binary options dealers from the country. It has successfully included some of them in the blacklist for customers to see. It is believed that the Binary options dealers often include just 30 seconds expiration in any of their transactions with customers.
This situation is completely unacceptable by the Kanto Finance Bureau. Japan is seen as a pacesetter in the list of countries involved in cryptocurrency, and it is doing everything possible to create a free and secured trading environment for all investors.