Binary options platform provider and operator TechFinancials Inc (LON:TECH) has announced that it is terminating its joint venture agreement with IBID Holdings Limited.
As reported by LeapRate back in February, TechFinancials had set up the JV with IBID to manage one of the Company’s B2C binary options trading brands, which was to focus on traders in China and the Far East.
TechFinancials cites as the reason for the JV’s termination to be a breach of the JV agreement by IBID – mainly, IBID’s failure to transfer its initial investment amount into the JV company.
TechFinancials stated that it is considering legal action against IBID for the violations.
TechFinancials also stated that the termination of the JV will have no material impact on its results for the current financial year, and that trading of both its B2B and B2C divisions remains in line with market expectations.