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CySEC suspends OptionRally license

Jul 14 2017
By
Jonathan Smith

 The Cyprus Securities and Exchange Commission (CySEC) announced it has suspended the license of the binary options broker OptionRally.


The announcement lists the reasons for the decision as possible non-compliance with authorization and operation conditions, violations of the regulations of protection of client funds and own funds and the EU regulation on capital adequacy ratio.


OptionRally has one week to to take actions in order to comply with the aforementioned provisions. In the meantime, the broker cannot take in new clients, transmit or execute any client orders, provide/perform any investment services in Cyprus, other EU member states or third countries.


Additionally, OptionRally must allow clients, if they so wish, to close all open positions and return to them their deposits and profits.


OptionRally has been in trouble with regulators before. Earlier this year the broker lost its license from Belize’s International Financial Services Commission (IFSC). It has also been fined by CySEC for violations of its license and has been warned against by Japan's FSA and the Ontario Securities Commission for operating without authorization.

 

 

TAGS: cysec  optionrally 
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