The Financial Commission has just announced the inclusion of binary options in its suite of regulated asset classes, and is now accepting all new applications for membership, following the successful certification of binary options platform, Binarystation.
The Financial Commission is a third-party regulator that helps mediate and resolve disputes between Forex brokers and traders. Following a highly successful launch last year, the number of cases arbitrated has swelled with the Commission’s popularity, culminating in the addressing of additional asset classes. As per the new certification, all entities or parties seeking membership eligibility in the Commission can now request certification for their platforms.
Financial Commission Welcomes Inaugural Binary Options Platform, Binarystation
Changing the Face of AML with Self Service AnalyticsGo to article >>
The Financial Commission is uniquely situated to help resolve disputes between competing bodies and is comprised of some of the Forex industry’s leading personnel from several Forex brokerages. As per its new certification, the Commission is now aiming to provide the same such benefits to binary options trading parties as part of a continual process of establishing a fair and transparent outlet across a widening scope of asset classes. As recently as last week, the Commission wrapped up the certification of Binaryware LLC, the binary options technology provider operating binarystation.com, and has the satisfaction of being the first binary options provider to be certified by the Financial Commission.
According to Financial Commission Chairman, Peter Tatarnikov, in a recent statement on the integration, “We are pleased to announce the certification of Binarystation’s platform, for binary options, by the Financial Commission. Now Forex and binary options brokers that are using the Binarystation platform have the opportunity to become Members of the Financial Commission.”
“Having already completed the Financial Commission’s certification, Binaryware will focus on binary option brokers around the world and also offer our solutions to companies that are already members of Financial Commission,” added Binaryware Managing Director, Mikhail Chistyakov, in an accompanying statement.
Obligatory Requirements for Approval
According to an official mandate from the Financial Commission, “As part of the membership approval process for firms seeking to join the financial commission, the commission will require that binary options platforms undergo a specialized review by the commission, which will check key points throughout the platform execution process to help ensure that an equitable decision process can be provided when reviewing claims from binary options traders using such platforms.” Any binary options firms wanting to receive membership status are encouraged to apply in advance and fill out the appropriate applications. As part of the review process the commission has established a detailed list of points to verify covering the following sections:
- Platform Security
- Platform Capacity
- Instruments and orders types
- Pricing and Execution Policy
- Reporting and record keeping
- Business Continuity/Disaster Recovery Plan