One of the big binary options brokerages in Cyprus, OptionRally, has suspended its 24-hour phone support services. The telephone support numbers of the company are not being picked up across the European Union. According to industry sources familiar with the matter, the company has laid off up to 120 employees.
The company has dramatically reduced its support staff at a time when CySEC has issued a series of circulars designated to point companies into a new business model, which is much less reliant on direct sales. Just like the bulk of the binary options industry, OptionRally is one of the brokerages who have been relying on such a business model.
Sources from across the industry are stating that the company could be moving into full automation of its operations and the dramatic downsizing of the work force of the company is necessary to comply with the Cypriot regulator’s latest announcements.
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Responding to a media inquiry by Finance Magnates, the binary options brokerage has issued the following statement: “OptionRally continues to provide an ultimate binary options trading experience to its clients. In order to continue providing high quality services, reorganization may be required from time to time. OptionRally’s clients will continue to enjoy our binary option services and we will continue to deliver the best possible service to our clients.”
The firm has been involved in one of the bigger sponsorship deals in the industry with the company’s logo appearing on the Ferrari’s Formula 1 race cars.
The news comes just as one of the technology providers in the binary options industry, TRADOLOGIC, announced this morning that it has partnered up with a company that is delivering automated KYC services. The move is designated to optimize the on-boarding procedures for the white label clients of the tech provider. The event confirms that the binary options industry is moving into a new model which is much more reliant on automation.