The Cyprus Securities & Exchange Commission (CySEC) has today announced that LBinary.com, under the name Live Binary Ltd, is not regulated or authorized in Cyprus, as part of public announcement made by the regulator to warn investors.
CySEC said that LBinary.com (Live Binary Ltd) is not permitted to provide investment and ancillary services in the Republic, pursuant to investment services and activities and regulated markets law, as it never has been authorized by the Commission, nor is it a bank or a cooperative firm established in Cyprus or authorized to do such services, and how no notification has been received by a competent authority of any member state pursuant to section 77 and 80 of the above mentioned law, as per the warning. The regulator had been recently cracking the whip on unregulated firms, as reported in December when CySec handed out a fine to an unregulated firm.
Member’s of Forex Magnates research team contacted LBinary.com via their Live Chat function, and when posing the question as to “whether they are regulated with any governmental subsequently authority?,” the unexpected answer received indicated the chat operator was not aware of the firms regulatory status, nor about the news that had just broke by CySEC as it had only been a few hours since the regulator put out the announcement.
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Subsequent to our coverage of the CySEC warning, Forex Magnates reporters then spoke with a member of LBinary’s management who clarified what the chat operator had said and explained that the firm is purposefully not regulated as he opinedd how the extra value-add often afforded to customers is debatable (i.e. regulatory status alone isn’t always indicative of all potential risks/rewards.).
According to information on the Lbinary website, LBinary is described as a brand of Targaryen Holdings Limited, with an address listed as in Gibraltar.
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