TechFinancials gets another $1.1 million payout from China binary options JV DragonFinancials

TechFinancials continue to support the Footies venture

It looks like TechFinancials Inc (LON:TECH) isn’t done quite yet with the Binary Options business.

TechFinancials announced that it has received dividends totaling $1.46 million from two subsidiaries – $1.12 million from its 51% owned joint venture DragonFinancials, which operates a China-focused binary options brokerage business, and $340,000 from its (formerly) fully owned subsidiary MarketFinancials, which provides market-maker services to TechFinancials group companies. The MarketFinancials dividend relates to activity and profits earned in 2016.

TechFinancials will formally receive the dividend payments on January 20, 2018.

TechFinancials announced last month that it was exiting the Binary Options brokerage business, selling its OptionFair brand for $400,000 as well as the market-making MarketFinancials Limited subsidiary to a Cyprus based company called S. Win Holdings Limited, held by Roy Shagan, Roy Winzelberg and Daniel Winzelberg. However, TechFinancials continues to hold its stake in DragonFinancials, which in any event was the only unit contributing real cash flow to the company lately.

Since jettisoning OptionFair in favour of what TechFiancials said at the time will be a new focus on “solutions for the rapidly growing blockchain-based products and technologies market“, TechFinancials shares have more than quadrupled, now sitting at 26p. US and UK regulators have been keeping a very close eye on publicly traded companies which have embraced blockchain or cryptocurrency related businesses, given the market mania surrounding the phenomenon. Earlier this week the US SEC suspended trading in shares of a blockchain technology consulting firm called The Crypto Company, after that company’s shares skyrocketed 2,700% in less than a month to a market cap of $11 billion.

TechFinancials also announced that former employees of the company have undertaken a cashless exercise of 27,210 options pursuant to its employee share option plan, to acquire 7,228 ordinary shares in consideration for the cancellation of the balance of the remaining 19,982 options.

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TechFinancials gets another $1.1 million payout from China binary options JV DragonFinancials


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