Cyprus financial regulator CySEC has announced the reinstatement of the CIF license of Gametech (Cyprus) Limited. Gametech operated the binary options brokerage brand ProOptions.com.
ProOptions was one of several binary options firms to have their licenses suspended by CySEC back in March. The regulator stated at the time that the suspensions were for suspicions of an alleged violation of a lack of Own Funds, and inadequate Capital Adequacy Ratio.
CySEC just a few days ago reinstated the CIF license of another binary options broker, OptionRally, which had its license suspended in July, also for funds violations.
The ProOptions.com website went offline soon after the license suspension hit in March, and has not yet been brought back online. We are unsure at this stage if Gametech’s management plans to bring ProOptions back to life, launch another FX or Binary Options brand, or not.
The full CySEC statement on its withdrawal of the Gametech license suspension reads as follows:
16 October 2017
CYSEC Decision
Regarding: Gametech (Cyprus) Ltd
Subject: Withdrawal of suspension of CIF authorisation
The Cyprus Securities and Exchange Commission, further to its Decision published on 31st March 2017, informs the public that, at its meeting dated 2 October 2017, decided to withdraw the suspension of the authorisation of the Cyrus Investment Firm Gametech (Cyprus) Ltd (‘the Company’), number 291/16, pursuant to section 26(4)(a) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), as it has been satisfied that the Company complied with the provisions of section of the Law (Own funds) and Article 92(1) of the European Regulation No. 575/2013 (Capital adequacy ratio).