TechFinancials co-founder and COO Jeremy Lange resigning

LeapRate Exclusive… LeapRate has learned that Jeremy Lange has resigned from binary options platform and brokerage group TechFinancials Inc (LON:TECH), and is on his way out of the industry.

Lange retains an approximate 10% ownership stake in TechFinancials, a similar percentage to the company’s other founders Eyal Alon, Asaf Lahav (CEO), Danny Magen, and Eyal Rosenblum.

We expect the company to make a formal announcement shortly.

Mr. Lange, who holds a PhD in Biochemistry from the University of Leeds, has held various responsibilities within TechFinancials over time, including overseeing the OptionFair brokerage business during its formative years, and running the company’s Cyprus office and the company’s CIF licensed B.O. Tradefinancials Ltd subsidiary. (We had interviewed Mr. Lange last fall about his various roles in the company).

TechFinancials has had somewhat of a rough ride since becoming the first (and still only) pure play publicly traded Binary Options company, active as both a third party platform supplier and brokerage operator. Since the TechFinancials IPO shares have dropped about 75%. The company earlier this year lost its largest platform client 24option, which decided to develop its own platform alongside launching MT4. Its own OptionFair brand has seen a large decline in revenues. The company’s main revenue source has become its DragonFinancials joint venture, focused on the China and Far East binary options market.

TechFinancials share price, March 2015 IPO to present. Source: Google Finance.

Read Also: