CySEC suspends 10 Binary Options Broker brands – What’s next?
CySEC suspended the license of Forex Broker TTCM, but also the license of the Binary Options brands of Lead Trade Ltd, Dragon Options Ltd and GameTech (Cyprus) Ltd. In regards to the license suspension of all three firms, CySEC has revealed that there are suspicions of an alleged violation of:
1. Section 67 of the Law (Own funds)
2. Article 92(1) of the European Regulation No. 575/2013 (Capital adequacy ratio)
CySEC suspends parent firm of TopOption
The Binary Options brands below, all fall under the umbrella firm Lead Trade Ltd. The parent firm of the binary options brands below holds the CIF License no.296/16. The Cyprus based investment firm, Lead Trade Limited was inaugurated in 2015. Moreover, Lead Trade Ltd. acts as an investment firm that provides brokerage services in relation to financial instruments.
- topoption.com
- prestigeoption.com
- excellenceoption.com
- platiniumoption.com
.
CySEC suspends Dragon Options
The Cypriot regulator, CySEC suspends Dragon Options Ltd. The binary options broker started in 2011, but acquired its CIF license in January 2014. Moreover, the broker has offices in Moscow, Kiev and Cyprus.
Meanwhile, their operational websites and domains consist out of:
- dragonoptions.com
- binary.dragonoptions.com
- forex.dragaonoptions.com
- taotrade.com
.
Gametech CIF license suspended
As CySEC suspends 10 Binary Options Broker brands, the last firm in question is GameTech (Cyprus) Ltd. This Cyprus Investment Firm holds the license number 291/16. Furthermore, the firm acquired the CySEC license back in January 2016, while CySEC approved their following domains:
- prooptions.com
- nenx.com
.
CySEC suspends 10 Binary Options Broker brands – What’s next?
In all of the cases above, the Cypriot regulator CySEC revealed that these firms have 10 days to take corrective measures to remedy the case. Meanwhile, the suspended firms are not allowed to:
- Enter into a business relationship with any person and take upon any new client;
- Receive, transmit or executive any order from clients from buying any financial instruments;
- Provide/perform any investment services in Cyprus or outside Cyprus;
- Advertise itself as an investment services provider and should mention on all of its websites that its CIF licence has been suspended.
In terms of existing clients, these firms must close all open position in relation to clients’ contracts, or of its own, on their maturity date or on an earlier date if the client wishes to withdraw their funds.
