Cyprus Watchdog Warns Against Two Unlicensed Binary Options Sites
- CySEC says that neither of the operations have ever been authorized or regulated by the watchdog.
The Cyprus Securities & Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has issued more warnings to investors in the country about the operations of two unregulated binary options brands. The warnings this time are against Fundsaver Services Ltd, and 'Option500'.
In accordance with the local Investment Services and Activities and Regulated Markets Law, unlicensed firms are not permitted to provide investment and related services in Cyprus. CySEC says that neither of the operations mentioned above have ever been authorized or regulated by the watchdog.
Additionally, CySEC reports that no notification regarding the two firms have ever been received by the regulatory body from any competent authority of another European Union Member State, which is required by the European MiFID 'passporting' agreement. This means that the sites are not legally permitted to offer binary options trading to clients by any country in the EU.
Option500's website does not reveal the name of the company operating the brand, but the domain is registered by Option Solution Online Limited. The company claims to be located in London which would require it to get a UK gambling commission license in order to operate locally. However, the website does not display any regulations, gaming or financial.
The other warning is regarding Fundsaver Services Ltd, which operates the brand EveryOption. The company claims to be located in Cyprus which could have been the reason for the watchdog's warning. Their website also does not display any relevant regulations. Despite the fact that the operation is conveniently in the same country as the regulator it did not give any details of further actions it might take against the firm.
The Cyprus Securities & Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has issued more warnings to investors in the country about the operations of two unregulated binary options brands. The warnings this time are against Fundsaver Services Ltd, and 'Option500'.
In accordance with the local Investment Services and Activities and Regulated Markets Law, unlicensed firms are not permitted to provide investment and related services in Cyprus. CySEC says that neither of the operations mentioned above have ever been authorized or regulated by the watchdog.
Additionally, CySEC reports that no notification regarding the two firms have ever been received by the regulatory body from any competent authority of another European Union Member State, which is required by the European MiFID 'passporting' agreement. This means that the sites are not legally permitted to offer binary options trading to clients by any country in the EU.
Option500's website does not reveal the name of the company operating the brand, but the domain is registered by Option Solution Online Limited. The company claims to be located in London which would require it to get a UK gambling commission license in order to operate locally. However, the website does not display any regulations, gaming or financial.
The other warning is regarding Fundsaver Services Ltd, which operates the brand EveryOption. The company claims to be located in Cyprus which could have been the reason for the watchdog's warning. Their website also does not display any relevant regulations. Despite the fact that the operation is conveniently in the same country as the regulator it did not give any details of further actions it might take against the firm.