Belize financial regulator International Financial Services Commission (IFSC) has announced that TCM Investments Ltd., with registered office at Suite 508, Marina Towers, Newtown Barracks, Belize City, Belize, Belize, C.A. is no longer licensed in the country.
TCM Investments operates the OptionRally binary options brand at website optionrally.com outside of the EU. OptionRally is operated by a different regulated entity within the EU, CySEC licensed CIF Optionrally Financial Services Ltd, at website optionrally.eu. Visitors to optionrally.eu from outside Europe are shunted to the formerly Belize-regulated site (as per above), which will now presumably operate as an unregulated offshore broker.
The IFSC did not give a specific reason, just stating that it was due to “non-compliance to some conditions of the annex attached to the licence granted for trading in securities”.
TCM Investments Ltd. is, therefore, directed to cease and desist from engaging in the said unlicensed activities forthwith.
OptionRally has been subject to recent warnings from other regulators. Canadian watchdog the OSC issued a warning against OptionRally in February. Other warnings have been issued by Australia’s ASIC and the Hong Kong SFC.
The IFSC notes that all investors and other persons concerned are advised to take note and exercise caution.
The full text of the notice from the Belize IFSC reads as follows:
Office of the International Financial Services Commission,
Sir Edney Cain Building,
Belmopan,
Belize, C.A.
3rd May 2017
WARNING NOTICE – TCM Investments Ltd.
It is hereby notified for general information that TCM Investments Ltd. of domain name, OptionRally with its registered office at Suite 508, Marina Towers, Newtown Barracks, Belize City, Belize, Belize, C.A., is no longer licensed by the International Financial Services Commission of Belize (IFSC) due to non-compliance to some conditions of the annex attached to the licence granted for trading in securities.
TCM Investments Ltd. is, therefore, directed to cease and desist from engaging in the said unlicensed activities forthwith.
All investors and other persons concerned are advised to take note and exercise caution.
NERI J. MATUS (MRS)
DIRECTOR GENERAL
International Financial Services Commission of Belize