CySEC Approves Binary Options Broker Dragon Options Ltd as Cypriot Investment Firm

Photo: Steven Hatzakis

The latest binary options broker to get approved as a Cypriot Investment Firm is Dragon Options Ltd, according to updated information published by the Cyprus Securities and Exchange Commission (CySEC), linking back to the broker’s website DragonOptions.com.

The authorization for Dragon Options Ltd, the newest CIF, is listed as effective as of January 27, 2014, according to a description on the regulators list of approved CIFs.

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During a phone interview, Forex Magnates’ reporters spoke with Dragon Options CEO, Mr. Moti Rivlin, who previously held the roles of CEO of EasyForex.com from 2004-2006, and he shared his views about the CySEC news today and said,”Binary Options is one of the most fascinating areas in the financial world. We at Dragon Options wanted to focus on the retail side, and believe that binary options will continue to grow rapidly, with even more focus on transparency and enhanced customer support.”

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Concentration of Staff at Cyprus Location Expected, Shift from Kiev Space

According to Forex Magnates’ sources, the firm has offices in Moscow and Kiev, and now Cyprus, and was founded in October 2011, and currently is said to have just over thirty employees with its staff mostly located in its Kiev location, with plans to concentrate its human resources at its Cyprus location – following the regulatory approval. In addition, people familiar with the firms customer base, said that as many as 90% of its client are based in Russia, as explained to members of Forex Magnates research team.

The company lists a set of binary options related offerings on its website which appear to be powered by the platform provider SpotOption, covering Forex, indices, commodities and shares, and the company displays a copy of a CROFR certification obtained from the Russia-based independent compliance organization.

Despite a similarity in name, Dragon Options doesn’t appear to be connected to the other Ukraine-based CIF involved mostly on the exchange traded securities online brokerage space under the name Dragon Capital (both CIFs are listed side by side on the list of CySEC approved CIFs, as of publication). Forex Magnates confirmed there is no relation between both firms (other than the similar name).