The Cypriot financial regulator has just informed the public that it has lifted its suspension from binary options operator Gametech (Cyprus) Ltd. The decision was made at a meeting dated October 2, 2017.
Earlier in March, the Cyprus Securities and Exchange Commission (CySEC) suspended the CIF license of Gametech, which operates the binary options/betting platform prooptions.com. Around the time of the suspension, the site went down, in what might have been a complete outage of the whole offering. Despite today’s development, no official statement has yet been made and no update is apparent.
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CySEC imposed the punitive measures due to several alleged violations which may have endangered client interests or more generally the regular operation of the capital market. More specifically, the Cypriot regulator referred to violations of legal provisions concerning the broker’s own funds and capital adequacy ratio.
During this time, the broker was not allowed to provide any services or enter into a business relationship with any person and take on any new clients.
Last week, CySEC also cancelled its suspension of the operating license of the binary options broker OptionRally. The raft of lifted license suspensions is a result of CySEC now being satisfied with the corrective measures that the binary options companies have taken to tackle suspected violations of the Investment Services and Activities and Regulated Markets Law 2007.