CySec continues to prove itself as the ‘go to’ destination for binary options regulation. As a springboard to legally marketing and soliciting clients from in the EU, demand from binary options brokers to become regulated in Cyprus has caused overall CySec applications to soar, even as the country’s financials have soured. Becoming the newest member to be regulated in the country, Forex Magnates has confirmed that leading binary options broker, 24option, has had its application approved. Operating under the registered business of Cbay Financial Services Limited, 24option is the trading name for the company’s binary brokerage business.
The licensing was rumored to be in the works for a while, as it became clear that EU countries were taking a closer look at binary options brokers. Most recently, Italian regulators coordinated with ISPs to ban IPs of unregulated brokers that were marketing in the country. While 24option wasn’t included in the list of brokers of the IP ban, it did put the company on guard to finalize its licensing process.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
Among the largest, if not the largest, binary options broker by monthly volume and deposits, the regulation presents the firm the ability to extend the reaches of its existing marketing and affiliate exposure around the world. With the majority of brokers being unregulated, Cysec licensing has become a distinguishing feature in the world of binary options.
In addition to regulation, in other news, 24option recently became the first binary options broker to partner with Trade Interceptor. The relationship allows users to trade binary options along with forex, on the multi-broker trading interface.