LeapRate Exclusive… LeapRate has learned that Cyprus regulated broker Opteck (operating at opteck.com) has recently dropped Binary Options from its list of tradable assets.
Opteck, which is a brand of CySEC CIF license holder Centralspot Trading Ltd, has been operating for several years and marketing itself mainly as a Binary Options broker.
As a licensed CIF broker Opteck could have continued offering Binary Options. However much of Opteck’s operations are based in Israel, which has banned the marketing of Binary Options to retail traders abroad. We also believe that the negative press surrounding the Binary Options industry has led Opteck to drop the product altogether, and rebrand itself as a multi-asset Forex and CFDs broker.
Opteck’s move is one we expect to see more of, especially from the regulated brokerage crowd. Both from brokers, and from platform providers, seeing a slowing of new Binary Options brokerage-opening activity and moving to provide multi asset trading platforms.
Opteck has been cited by several regulators around the world with regards to its Binary Options activities. Last April Opteck received a warning from Canadian regulator BCSC, regarding a Canadian resident solicited by a representative of Opteck, and who was able to open a trading account with the firm. The previous year a similar warning was made against Opteck by Australian regulator ASIC.