The Cyprus Securities & Exchange Commission (CySEC) issued today a warning to traders in the country about the operations of an unregulated binary options brand. The entity the watchdog warns against refers to itself as Tradersking Ltd (operating the website www.tradersking.com).
An unlicensed firm is not permitted to provide investment and related services in Cyprus in accordance with the local Investment Services and Activities and Regulated Markets Law. CySEC is one of the most prolific binary options brokerage license issuers in the world as Cyprus is a major hub for the industry. It also routinely issues warnings against unlicensed brokers targeting clients in the country.
Tradersking does not claim to be regulated in any jurisdiction for offering binary options trading, however the websites reads: “We work with customers and business partners in over 100 countries worldwide. Our office in the business district in London enjoys close collaboration with our sister offices in Cyprus and Holland.”
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No specific address is given but the firm does mention, “Our fabulous new building boasts a games room, gym, restaurant, and roof terrace. Plus, we enjoy regular office parties and weekends away.” The website domain is registered under James Rockford from Tradersking but does not provide any other information.
The watchdog said TradersKing is not legally permitted to provide investment and related services in Cyprus as it has never been authorized nor regulated by CySEC, and also no notification has been received by the Commision from a competent authority of another EU Member State, pursuant to the above mentioned Law and the MiFID “passporting” agreement.