Binary.com is gearing up for the launch of its initial coin offering, a source with knowledge of the matter has confirmed to Finance Magnates. The company is already on-boarding personnel to focus on developing blockchain-based solutions for the firm.
The rise of ICOs has promoted a number of companies to attempt to secure financing for new projects, mainly focused on blockchain-based solutions.
Binary.com is preparing to transform its cashier system and infrastructure to support the latest advances in blockchain techonology. The company is actively hiring via an Asian subsidiary.
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Binary.com has been providing binary options trading via several subsidiaries using gambling and financial services licenses. The firm holds a financial license from the Malta Financial Service Authority, as well as a gaming license on the Isle of Man.
Cryptocurrency-related investments have provided a new lifeline for binary options-related companies. Brokers and technology providers alike are preparing cryptocurrency-related trading offerings and some companies from the industry are already contemplating ICOs.
The FCA has recently outlined that financial services firms should be vigilant when planning an ICO. According to the UK regulator, such firms need to make a thorough assessment of their plans in order to make sure they are complying with existing rules and regulations. Binary.com is providing its services in the UK via a license from the UK Gambling Commission.
Regulated binary options brokerages have experienced a substantial decline in client trading activity in the aftermath of increased scrutiny of the product across the EU. Binary.com may well be looking to diversify its offering into cryptocurrencies as it looks to secure operations in a more friendly business environment.