CySEC Warns Investors of LBinary.com, Live Binary Ltd, Not Licensed or Regulated in Cyprus

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) 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 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 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.

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.

To hear and talk with experts, on matters like these -such as researching Binary Options providers- see the Experts Forum, available via Forex Magnates.

Related articles

• 

  HotForex Launches OptionTrade.com A Binary Options Offering Via Its CySEC License

• 

  iForex Pays CySEC Tiny Fine Over Advertising Related Issues, as Its EU Business Grows

• 

  iOption Cans CySec License Following Demise Of Firm Just Weeks After Registration