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Broker Magline Investments Pulls Back its Cypriot License

Cyprus is an island that keeps a tight lid on binary options trading, with the Cyprus Securities and Exchange Commission (CySEC) famous for its strict measures against unregulated brokers active in this sector. And yet, sometimes it happens that it's not the regulator that makes the call for a company having a license or not – the broker can also decide on this matter. Such is the case with binary options broker Magline Investments which today renounced its license as a Cyprus Investment Firm (CIF), citing section 24(1) (b) of the Investment Services and Activities and Regulated Markets Law (2007). This legal provision enables a company to voluntarily withdraw its authorization by the Cypriot authority.
 
By the way, many of you may not have heard of Magline Investments – indeed it's better known for one of its brands Trading247 and the www.trading247.com website through which it provides its binary options services. The website is decent with a variety of binary options on the menu and a number of underlying assets (not only currencies, but also stocks, commodities and indices) available. 
 
The website continues to operate at this time and Magline seems to have no intention to close it. Instead, the company has informed the Cypriot regulator that it will seek to license the website to another Cyprus Investment Firm. 
 
The company did not make explicit the reasons for the renouncement of the license. It could be that the regulations for binary options trading are weighing on the business but this just a mere guess. 
 
The withdrawal of the license comes after the CySEC acted roughly against a number of binary options brokers over the past couple of months. The freshest example is OptionSmarter, against whom CySEC issued a warning about lacking proper authorization. Then, there is the case of Cedar Finance whose Cypriot license is still suspended due to numerous violations of the Investment Services and Activities and Regulated Markets Law.
 
You can read the official announcement by by CySEC here.
TAGS: magline investments  trading247  binary options  binary option broker  cyprus  cypriot regulation  cysec  cyprus securities and exchange commission  cif license  license renouncement  cypriot license  binary options market  market 
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