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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 
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