Cyprus Watchdog Warns Against Unregulated Binary Brokers, LBinary and Regal Options

The Cyprus Securities & Exchange Commission (CySEC) issued today two separate warnings to traders about the operations of unregulated binary options brands.

Following up on its previous announcement from June 19, 2014, CySEC said it wishes to inform investors that the company, T.B.S.F. Best Strategy Finance Ltd, operating the binary brand Regal Options, is not permitted to provide investment and related services in Cyprus in accordance with the Investment Services and Activities and Regulated Markets Law, as the firm’s authorization from the Commission was revoked.

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The second warning from CySEC was about the firm Chelestra Ltd, operating under the brand of LBinary. The Commision said Chelestra is not legally permitted to provide investment and related services in Cyprus as it has never been authorized nor regulated by CySEC, and also no notification has been received by the Commision from a competent authority of another EU Member State, pursuant to the above mentioned Law and the MiFID “passporting” agreement. CySEC had already issued a similar warning about LBinary in January.