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Binary options broker SmartOptionFX ends up on CySEC’s warning list

The Cyprus Securities and Exchange Commission (‘CySEC’) officially warned investors previous week that SmartOptionFX (operating via smartoptionfx.com website) is not licensed to provide investment services in the country.

 

“CySEC wishes to draw your attention that, on 25.6.2018, it has decided to wholly withdraw the Cyprus Investment Firm authorisation with number CIF 216/13 of the company B.O. Tradefinancials Ltd.,” stated the Cypriot financial watchdog in its notice.

 

The entity allegedly offers trading in binary options and claims to be operating under B.O. Tradefinancials Ltd.’s license, which was withdrawn a year ago. It was part of the TechFinancials Group, a leading provider of trading technology, listed on the London Stock Exchange. The company used to operate binary options broker 33option.

 

While 33option is out of business, as well as the majority of Cypriot binary options brokers after ESMA’s product intervention measures came into force, a number of shady forex and binary options trading websites mention they are operating under B.O. Tradefinancials’ license -  24TradeRush, FXTradeOption, AceTradeOptions, to name a few. Some of these have been blacklisted by CySEC as cone firms.

 

The Cypriot financial watchdog urges investors to be particularly cautious before conducting business with any investment company and always check whether it is duly licensed. Forex brokers authorized by CySEC have to abide by a number of rules, which provide significant assurance for the security of clients’ funds.

TAGS: SmartOptionFX  CySec  scam  warning 
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