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Screenshot of a breaking news alert e-mail from Q2 2017
Cyprus financial regulator CySEC has issued a €5,000 fine to regulated binary options brokerage group 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 optionbit.eu), ZoomTrader Global (at zoomtraderglobal.com), RoyalPip (at royalpip.com), and NGN Broker (at ngnbroker.com).
The current fine is fairly small, but comes following a much larger €175,000 fine handed out by CySEC last month to Novox for a variety of infractions including providing investment advice without authorization, not maintaining adequate internal control mechanisms for the approval of advertising material, improper outsourcing of activities to third parties such as customer service and call center activities, not acting in the best interests of clients, advertising sent out by third parties which was misleading, and providing information not suited to clients.
The latest €5,000 fine is regarding the fact that the Company did not notify CySEC immediately for the material change regarding its trading name ‘ZoomtraderGlobal’ and its website zoomtraderglobal.com. The company only did so after caution by CySEC.
Details regarding the fine to Novox can be seen here (in Greek, pdf).