Binary Options group Novox Capital fined €175,000 by CySEC

Cyprus financial regulator CySEC has announced a €175,000 fine imposed to Novox Capital Ltd.

Novox is a licensed CIF company which operates a number of Binary Options, Forex and CFDs brokerage brands, including OptionBit (at website, ZoomTrader Global (at, RoyalPip (at, and NGN Broker (at

The largest portion of the fine, €70,000, was for providing investment advice without authorization.

The other portions of the fine broke down as follows:

  • €10,000 for not maintaining adequate internal control mechanisms for the approval of advertising material.
  • €20,000 regarding improper outsourcing of activities to third parties, such as customer service and call center activities.
  • €30,000 for not acting in the best interests of client.
  • €30,000 for advertising sent out by third parties which was misleading.
  • €15,000 for providing information not suited to clients.

More on the CySEC fine issued to Novox Capital can be seen here (pdf, in Greek).

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