Getting authorized in Cyprus in June 2014 as a registered broker dealer, 1 TCR Corp had its license suspended by CySEC today. The entity was behind the Tradarea binary options broker, which has recently shuttered its website. Before being known as 1 TCR Corp, the firm had initially been registered with CySEC as 1 Financial ROD Ltd. Tradarea itself had emerged from iTradeStation which closed, an unregulated broker that was replaced by the regulated Tradarea.
The name change to 1 TCR Corp may have been related to negative comments against 1 Financial ROD brands which had been affiliated to the iTradestation binary options brand on various binary options websites. Based on social interactions, Tradarea clients appear to have suffered from the broker limiting its interaction with users around April of this year. Prior to that, customers had been posting problems with trades and as well as withdrawals. Tradarea had been using technology from binary options provider Hello Markets and as of publishing time (and as of July 19th), continued to appear on the Hello Markets website.
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The client complaints appear to have been the driving force begin CySEC’s suspension of 1 TCR Corp. According to CySEC, they stated that their “decision was taken due to the fact that the aforementioned alleged violation (violation of section 28(1)) may possibly endanger the Company’s clients’ interests and generally the smooth operation of the capital market.”
On the 1 TCR website, the firm is currently distancing themselves from affiliation with Tradarea, claiming the domain is no longer operated by them.