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Why does it take so long to withdraw?
Karl Stromso
ANSWER Binomo is a broker that we strongly advise against trading with, despite the seemingly attractive deals it offers.Binomo claims to be operated by Dolphin Corp LLC, a member of the Financial Commission. However, this organization is only responsible for resolving disputes and has no legal authority to issue forex licenses or regulate forex activities. This is a red flag, as Binomo is using false information to appear legitimate. At the same time, we noticed that Binomo is located in St. Vincent and Grenadines and then searched for it in the registry of the Financial Services Authority of St. Vincent and Grenadines (SVG FSA). Although we did find it in the registry, it's important to note that the SVG FSA doesn't issue forex licenses or regulate forex activities. Therefore, Binomo is not subject to any valid regulations. Moreover, three financial regulators have issued warnings against this broker, including:1) the Spanish National Securities Market Commission (CNMV), and you can check the full warning here;2) the Cyprus Securities and Exchange Commission (CySEC), and you can check the full warning here;3) the Brazil's Securities and Exchange Commission (CVM), and you can check the full warning here.Regarding your question, if you've had issues with withdrawing your funds from Binomo, the reason may be that it's an unregulated broker. Entrusting an unlicensed broker with your funds or trading with it is highly risky, as there are no safeguards to prevent fraud or theft. Therefore, we strongly suggest investors avoid unlicensed brokers like Binomo and opt for fully regulated ones instead.
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I'd like to know about the license of Binomo, can you please confirm it for me?
ANSWER Binomo is an UNLICENSED broker registered in the St. Vincent and the Grenadines, a famous offshore zone. The FSA of the St. Vincent and the Grenadines has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. In reality, it is of certain risk to trade with the offshore based companies as they don't provide any funds protection as well as withdrawals guarantee, nor do they comply with full requirements and strict rules, including numerous security and transparency obligations. Binomo also claims to be regulated by the Financial Commission, and its subsidiary TITAWIN to be regulated by the Vanuatu Financial Services Commission (VFSC). Despite the provided regulation on its website, Binomo is not under valid supervision, since the Financial Commission simply acts as an independent external dispute resolution (EDR) organization that does not regulate forex, and there is no regulatory details about TITAWIN in the registers of VFSC.   What's worse, the Spanish regulator CNMV, Cyprus regulator CySEC and the Brazil's regulator CVM have successively added Binomo to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from CNMV, CySEC and CVM on Binomo respectively. As per the red flags above, we recommend you to stay away from Binomo and choose properly regulated brokers.
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