CySEC Warns about Binary Options Firm CallandPut.com as Not Authorized in Cyprus
- The Cyprus Securities & Exchange Commission has warned of an unauthorized firm within the Republic that lists its transactions between its clients as taking place in Cyprus where its servers are principally located.
(Updated with CallandPut comments below)
The Cyprus Securities & Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) issued today its latest warning informing the public of an unauthorized entity operating the callandput.com website as not permitted to provide investment and ancillary services in the Republic.
The notice was issued on the basis of Cyprus rules, pursuant to the Investment Services and Activities and Regulated Markets Law, as according to CySEC, callandput.com has never been authorized by the Commission, and that it is not a bank or a cooperative firm established in the Republic and authorized to provide such services. No notification has been received by a competent authority of another Member State, pursuant to sections 77 and 80 of the above mentioned law, and how the firm is not regulated by the Commission.
As the company website name implies, callandput.com lists options in the binary format - which have become a popular way to trade for a significant amount of online speculators, such as traders who engage in Foreign Exchange and other forms of online investing, including in CFDs, metals, and other instruments offered from within a margin account.
A growing number of regulatory warnings have been issued by a half a dozen or more regulators for binary options firms not authorized in those respective jurisdictions, such as the latest just two days ago from Belgium.
Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates' research revealed that in the terms and conditions of the above mentioned website, the company described how Cypriot law applies to govern its terms with customers. In addition, trades were described as taking place within the Republic, for example, section 1.3 of its listed terms state: "1.3. All transactions between you and the Company take place in Cyprus where the Company's principal servers are located."
The references to Cyprus and/or premises could have been the reason CySEC provided the alert, in addition to other reasons that could have caused the notice, as the company on this basis would be required to be registered with CySEC, Forex Magnates opines. The company's head office is said to be at 17 Xenopoulou Street, P.O. Box 54425, Limassol 3106, Cyprus, as explained to Forex Magnates by people close to the company.
According to representatives at CallandPut.com speaking to Forex Magnates. The firm is cooperating with CySec and has removed reference to being located in Cyprus.
(Updated with CallandPut comments below)
The Cyprus Securities & Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) issued today its latest warning informing the public of an unauthorized entity operating the callandput.com website as not permitted to provide investment and ancillary services in the Republic.
The notice was issued on the basis of Cyprus rules, pursuant to the Investment Services and Activities and Regulated Markets Law, as according to CySEC, callandput.com has never been authorized by the Commission, and that it is not a bank or a cooperative firm established in the Republic and authorized to provide such services. No notification has been received by a competent authority of another Member State, pursuant to sections 77 and 80 of the above mentioned law, and how the firm is not regulated by the Commission.
As the company website name implies, callandput.com lists options in the binary format - which have become a popular way to trade for a significant amount of online speculators, such as traders who engage in Foreign Exchange and other forms of online investing, including in CFDs, metals, and other instruments offered from within a margin account.
A growing number of regulatory warnings have been issued by a half a dozen or more regulators for binary options firms not authorized in those respective jurisdictions, such as the latest just two days ago from Belgium.
Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates' research revealed that in the terms and conditions of the above mentioned website, the company described how Cypriot law applies to govern its terms with customers. In addition, trades were described as taking place within the Republic, for example, section 1.3 of its listed terms state: "1.3. All transactions between you and the Company take place in Cyprus where the Company's principal servers are located."
The references to Cyprus and/or premises could have been the reason CySEC provided the alert, in addition to other reasons that could have caused the notice, as the company on this basis would be required to be registered with CySEC, Forex Magnates opines. The company's head office is said to be at 17 Xenopoulou Street, P.O. Box 54425, Limassol 3106, Cyprus, as explained to Forex Magnates by people close to the company.
According to representatives at CallandPut.com speaking to Forex Magnates. The firm is cooperating with CySec and has removed reference to being located in Cyprus.