de | cn | ru

Market News

Cypriot CySEC Sounds Alarm over Unregulated Broker Live Binary

The Cyprus Securities and Exchange Commission (CySEC) simply cannot stop its newly charged push of setting things in order when it comes to binary options trading. Earlier today the watchdog issued a warning against Live Binary Ltd, a binary options broker: CySEC cautions that the company is not authorized to provide online trading services in Cyprus. This is why, the regulator calls for caution when dealing with firms with such dubious reputation.

 

A couple of things should be noted about the warning – first of all, it comes after warnings against numerous binary options brokers, with the latest such cautionary note against iOption and its parent Scorpid Trading Limited. The difference between these warnings is that those against iOption and Scorpid came a little too late, with the watchdog cautioning against these firms a week after they simply halted operations. It is possible now that the CySEC is stepping up its preemptive efforts in order to avoid repetitions to such unfortunate events. Moreover, the regulator has a reputation to defend as it has been the first state institution in the world to start regulating binary options as financial instruments and binding binary option brokers to register as Cyprus Investment Firms (CIFs).

 

And although the above-mentioned arguments are in favor of CySEC's decision to warn against Live Binary Ltd, we cannot skip the fact that the watchdog is warning against a business which has not ever claimed to be regulated in Cyprus. In fact, the www.lbinary.com website shows that the broker is based in the Seychelles, while the parent company of the broker - Targaryen Holdings Limited, is based in Gibraltar. The only thing that relates Live Binary Ltd to Cyprus is a phone number for contact with a Cypriot code. 

 

The CySEC has its rationale and past record for warning against foreign unregulated businesses: you may recall that it was the first watchdog to raise the alarm over ForexPlace Ltd (4xp). In October 2013, the watchdog said 4xP (which by the way is/was registered in the British Virgin Islands) was not regulated in Cyprus. The cautionary document was a wise one, as 4xP disappeared with its clients' money shortly after.

 

Obviously, the Cypriot regulator is taking the firm approach to any trading company for a reason. May be that's what any trader-friendly watchdog in the world should do.

 
TAGS: cyprus securities and exchange commission  cysec  cyprus  binary options  binary options broker  live binary  live binary limited  warning  market  cyprus regulation  online trading 
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

More Forex Market News

87 Chinese arrested in Indonesia for running a forex scam

Jan 27 2020 17:55:45

The police in Kuala Lumpur have arrested 87 Chinese national, working for a crime syndicate, which operated an online investment, forex and crypto currency scam. Read more

BTG loses $70,000 in double spends after a 51% attack

Jan 27 2020 15:14:52

  The Bitcoin Gold (BTG) network suffered a 51% attack last week, and lost over $70,000 in double spends. The matter raises questions regarding its security, since this is the second similar attack on the BTG blockchain. Read more

Austrian FMA warns against Estonian forex company Euro Wealth OÜ

Jan 24 2020 12:46:03

  The Austrian Financial Market Authority (FMA) has officially warned the public against doing business with Prestige.FM and Prestige Financial Markets – two forex brokerage brands operated by unregulated Estonian company Euro Wealth OÜ (previously AllProTech OÜ). Read more

Vodafone also leaves Libra

Jan 23 2020 17:34:17

The leading British telecom Vodafone is leaving Facebook's digital currency project, Libra.    Vodafone is the latest of a series of companies, which recently decided to withdraw from the project amid growing regulatory pressure from major central banks and many governments. Read more

SEC brings charges over fraudulent ICO that raised $600,000

Jan 22 2020 17:17:56

  The US Securities and Exchange Commission (SEC) has charged Sergii “Sergey” Grybniak and his company Opporty International, Inc. for conducting a fraudulent initial coin offering (ICO), which has scammed investors of $600,000 with unregistered digital asset securities. Read more

UK's FCA might ban credit card deposits with online forex and CFD brokers

Jan 20 2020 18:21:17

After earlier this month the UK Gambling Commission (UKGC) announced that after April 14th 2020 clients of gaming websites will no longer be able to use credit cards to fund their bets, some experts and analysts say it is high time that the UK's Financial Conduct Authority (FCA) do the same, as quit... Read more

The CNMV remains vigilant, blacklists Forbslab and eTrader247

Jan 20 2020 14:32:21

 Unregulated forex brokers Forbslab and eTrader247, along with several other alleged scammers, have been the latest additions to the warning list of Spanish financial watchdog – the Comision Nacional del Mercado de Valores (CNMV). Read more

Crypto scammer Patrick McDonnell sentenced to 33 months of imprisonment

Jan 17 2020 14:54:19

Patrick McDonnell, CEO of Coin Drop Markets, was sentenced to 33 months in federal prison and also ordered to pay $224,350 in restitution, after pleading guilty to cryptocurrency fraud last year. The Federal court in Brooklyn issued the sentence on Thursday. Read more

UK's FCA expects up to 10% decline of profits in the forex industry

Jan 16 2020 17:47:56

The Financial Conduct Authority (FCA) expects that the new regulations imposed on the retail forex and CFD brokers in the UK will lead to an overall reduction of their profits of between 6% and 10% - a decline which by the year 2021 may reach between 38.5 million GBP and 55.3 million GBP. Read more

UK’s FCA updates its warning list with A.B.Capitals and LincolnFX

Jan 16 2020 16:48:27

  Another bunch of brokers have made it to the warning list of UK’s Financial Conduct Authority since the beginning of 2020. We’ll focus on two of them - A.B. Read more

de | cn | ru