After a long time hibernation due to stifling regulations, the American binary options market is heating up and all the biggest names in the international industry intend on using it for expansion and growth. Today, we can reveal that brokerage technology provider SpotOption is about to take its next step to establish its presence in the U.S. with a new office in New York.
Having an office in New York will allow SpotOption to offer better support to its prospective clients in the U.S with a dedicated team for the specific needs of the local market. Finance Magnates has learned that the team has already been assembled and undergoing training in the developer’s headquarters.
The race to establish a beachhead in the market has intensified this year. In June, Hello Markets officially entered the U.S via the Cantor Exchange model, the same as TechFinancials (LSE: Tech) did in April. In March, both SpotOption and TRADOLOGIC announced that they were already operating at the venue.
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Cantor Exchange is one of the two Designated Contract Markets offering binary options regulated by the Commodity Futures Trading Commission (CFTC) in the United States. According to American law, U.S. clients’ binary options orders must be placed through a CFTC regulated exchange, such as Cantor Exchange or Nadex.
Opening a lead in the race, SpotOption was also the first to sign an American FX broker as a binary options brand. Forest Park BX, registered as an introducing broker, refers traders to the Cantor Exchange via a custom SpotOption white label.
A SpotOption spokesperson commented to Finance Magnates: “We have always recognized the potential in the U.S. market, and now that we can work regulated through our partnership with Cantor Exchange, we have great expectations for the future. Judging from the success we’ve seen from the rest of the globe, we know that the U.S. will show us the same if not even better results. We’ve seen the enthusiasm and demand that came from our first U.S. brand, forestparkbx.com, and of course we need to be accessible with first class, localized service for our U.S. partners as well.”