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CySEC withdraws suspension of OptionRally's license

 The Cyprus Securities and Exchange Commission (CySEC) has announced its October 2 board decision to withdraw the suspension of the license of the binary option broker OptionRally.


 

The license was suspended in July 2017 over 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. The broker had been given one week to remedy the situation.


 

While the suspension was in effect, OptionRally did not have the right to accept new clients and accept and transmit client orders. Also, the broker had to allow its clients to withdraw their funds, if they so wished.


 

Obviously, the broker had stepped back in line with the requirements and has its license back. This means it can resume operations.


 

OptionRally has been in trouble with regulators before. Earlier this year the broker lost its Belize International Financial Services Commission (IFSC) license and previously has been fined by CySEC for violations of the authorization requirements.


 

There have also been numerous warnings from various national and provincial regulators for operating without the relevant license.


 

TAGS: cysec  optionrally  license 
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