CySEC withdraws CIF license of B.O. Tradefinancials Ltd

cysec cif license

The Cyprus Securities and Exchange Commission (CySEC) has announced that, on its meeting of 25th June 2018, has decided, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 (ΝI87(I)/2017), as in force (‘the Law’), to wholly withdraw the Cyprus Investment Firm authorisation with number CIF 216/13 of the company B.O. Tradefinancials Ltd. (BOT).

BOT is the regulated entity under which binary options provider TechFinancials operated its OptionFair brand. It also operates binary options market making operation MarketFinancials Limited.

Binary options technology and brokerage company TechFinancials Inc (LON:TECH) had announced back in March 2018 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.

The official announcement can be seen here.

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