According to an operational update issued by TechFinancials, the company has signed up eight new white labels during the past couple of months. The software developer providing binary options technology to a number of brokerages worldwide has expanded its client portfolio.
The news come several weeks after the company has been floated on the London Stock Exchange. The firm doesn’t mention any specific names of its new partners, but highlights that seven of the binary options brokers which will provide their services with technology from TechFinancials are focused on Europe.
The regulated market in Europe has become a very competitive marketplace especially after a number of companies have started operating with a license from CySEC. The eighth white label is focused on the Middle East.
TechFinancials also unveils some progress in the lucrative Asian market, where an existing client of the binary options software provider has began offering its services in China through a local partnership.
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The European market continues to be a focal point of the Company’s activities and seven of the new brokers signed plan to focus on this region.
TechFinancials has voiced its commitment to continue building a software solution which complies with all regulations on the European, Japanese and lately the U.S. market through a partnership with Cantor Exchange.
Binary options regulation is in advanced stages in Europe, where aside from the pioneering Cyprus regulator, a precedent in Dutch court is on its way to make all financial regulators in the European Union recognize binary options as a financial instrument.
Recently the U.K. Treasury has voiced an opinion that the Financial Conduct Authority is the most suitable entity to supervise binary options.
Commenting on the Operational Update, the CEO of TechFinancials, Asaf Lahav, said, “TechFinancials is very pleased to have made significant progress in diversifying its global product offering by signing contracts with eight new brokers covering various target markets of the Group.”