Binary options technology and brokerage company TechFinancials Inc (LON:TECH) has announced that it has entered into legally binding, conditional Share Purchase Agreement (SPA) with the Cyprus incorporated company Proverial Ltd. The SPA is conditional inter alia on the consent of the SFSA which is to be received by no later than 30 June 2019.
TechFinancials has informed that it intends to sell its holdings in Seychelles Financial Services Authority (SFSA) regulated MarketFinancials Limited (MF) to Proverial, for a total consideration of 100,000 EUR.
Until 28 February 2018, MarketFinancials provided market maker services and risk management to B.O. Tradefinancials (BOT). TechFinancials had attempted to sell OptionFair as part of BOT and MarketFinancials late last year to a group of private investors. However, that $400,000 deal fell apart in early February, when the deadline for CySEC to approve the new owners came and went.
Back in March 2018, TechFinancials Inc announced that it has notified Cyprus financial CySEC of its intention to withdraw the Cyprus Investment Firm (CIF) license of its regulated subsidiary B.O. TradeFinancials Limited (BOT), and that it plans to shut down its OptionFair binary options brand, returning all client funds.
As at 30 June 2018, MF had net assets of approximately US$88,600 and was held on the balance sheet of the Group at nil carrying cost. For the year to 31 December 2017, MF made a net profit of approximately US$45,600.
Asaf Lahav, CEO of TechFinancials said:
We sought to dispose of the Company’s holding in MarketFinancials as we view these operations as being non-core to operations following the decision to step away from B2C operations in Europe. The Company continues operating and serving businesses in the Asian market where the majority of revenue is generated. We are pleased to have now reached a solution and intend to reinvest the sale proceeds into building Techfinancials’ new offering within the blockchain trading sector.