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Binary Options Broker iOption Officially Stops Operations

iOption, the Cypriot binary options broker, officially halted all of its operations on December 31, 2013, with a couple of announcements by the Cyprus Securities and Exchange Commission (CySEC) shedding light on what happened to the now-defunct company.
 
The first of the announcements is a warning, out today, which alerts that iOption Global Group 2012 Ltd, the company operating the website ioption.com, is not regulated in Cyprus and, therefore, is not authorized in any way to provide binary options services on the island. The warning is a good idea from the watchdog which is the first in the world to start treating binary options seriously and to regulate them as financial instruments. To get regulated in Cyprus, a binary options broker needs a license as a Cyprus Investment Firm (CIF) and, obviously, iOption did not have one. 
 
If only the watchdog had published the warning earlier instead of a week after the official halt of business of iOption...
 
The ioption.com and ioptioneu.com websites display a plain message: “The provision of all financial services has been terminated on the 31/12/2013. The Company does not accept any new clients nor any new accounts nor any new funding of existing accounts. All client funds are being duly returned via the Company's normal withdrawal process.” Hopefully clients did got their money back, although there's no certainty without any regulation.
 
The second document published by CySEC today, also in relation with iOption, is an announcement about the termination of the license of Scorpid Trading Ltd, which provided trading services via ioptioneu.com. It is Scorpid that voluntarily renounced its license as a CIF – the document elapsed on December 30, 2013. 
 
So, that's it, fellow traders: one more binary options broker has gone under. We remind that the halt of operations comes after a painful year for iOption, with the first reports of business troubles and staff being laid off appearing in November last year. 
 
Meanwhile competition has been rising amid binary options brokers in Cyprus – their number is steadily increasing amid growing interest in these easy-to-handle financial instruments. At the same time CySEC has been getting stricter in its grip over these companies: it suspended the license of binary options broker T.B.S.F. in December 2013 over a raft of violations of investment laws, including requirements for initial capital. 
TAGS: ioption  ioption broker  ioption stop  binary options broker  binary options  cyprus broker  cif  cysec  binary options regulations  ioption.com 

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