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TaoTrade forex broker owner renounces Cyprus license

Dragon Options Ltd., owner of the forex brokerage TaoTrade and former owner of the DragonOptions binaries broker, has renounced its investment services provider authorization, the Cyprus Securities and Exchange Commission (CySEC) said in an official statement.


The Commission does not provide further details, but notes that the license is considered lapsed from November 6, 2017. The company is obliged to settle within three months and remains under CySEC’s supervision until the regulator is satisfied that the Company settled its obligations arising from the investment services or/and activities that lapsed.


It is worth noting that in 2017 Dragon Options has been in trouble with CySEC and had its license temporarily suspended in the spring. The reason was failure to meet the capital requirements. The license was restored by CySEC in a few weeks, but it seems that Dragon Options continued to have problems.


Dragon Options had a CySEC license since 2014 and operated two brands: TaoTrade (forex broker) and the binary options broker DragonOptions. The latter’s client base was sold to Rainbow Capital Ltd. earlier in 2017, following the troubles with CySEC. Back then the company also announced the TaoTrade brand and domain will be transferred, operated and owned by Depaho Ltd. - another brokerage regulated by CySEC.


Since then Ranbow Capital and Rainbow Forex stopped offering forex trading.

 

 

TaoTrade, however, seems to be unaffected by the transfer to Depaho Ltd. and is operating as per usual. It offers trading in a number of instruments, including forex and CFDs, on MetaTrader 4 and the web platform PROfit, with a leverage of up to 1:40.


TAGS: taotrade  license  cysec 
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