The Cyprus Securities and Exchange Commission (CySEC) has announced today that a new investment firm representing TRADOLOGIC’s binary options brokers, got licensed by the commision on February 4th, 2014.
Under the CySEC license of the new firm, Novox Capital Ltd., at least two TRADOLOGIC binary options brands will operate, for now it’s OptionXP and OptionBit.
This development helps Cyprus position itself as the default home country for binary options companies looking to get a license and set up shop if they wish to be regulated as a financial broker. Since CySEC announced in May 2012 that it will begin issuing licenses to binary options brokers, a good number of companies have taken that offer.
Understanding the Gaps in Forex TradingGo to article >>
SpotOption was the first binary options software developer to get a CySEC license soon after it was offered by the commision, extending the regulation to its many brands.
Rival provider TechFinancials acquired the license in September of last year, currently used by optionfair and soon to serve a new Italian brokerage, with 3 other brokers in process of applying to a tied agent license based on it according to the company. Its flagship broker 24option is listed by itself under the investment firm Rodeler Limited since July 2013.
Now that TRADOLOGIC has joined the two other binary platform providers in being regulated in Cyprus, many more brokers will follow as all its white labels should now be able to get it through the provider.
Speaking with Forex Magnates, Ilan Tzorya the CEO of TRADOLOGIC, explained that the binary options software provider got the license for the benefit of its more financial brands. He said: “Part of the games the binary industry provides fit under Financial Services and some of them fit under Gambling regulation, we are giving our clients both of the solutions, depending on their needs and the markets they want to operate in.”