As we previously reported, Binary Options and Forex brokers continue to flock to Cyprus.
The EU-Cyprus bailout crisis and subsequent bank account ‘haircut’ which occurred this spring has not dampened traders’ enthusiasm for engaging with Cyprus-based brokerages. And as such we continue to see a number of startup (and existing) binary options and forex brokers apply for a CySEC CIF license and use Cyprus as either their headquarters, or as a base for operations in the EU region.
We had previously reported that at least 10 new applicants had received CySEC CIF license designation during Q3 this year. Well, it turns out that number is really 12 successful applicants, based on a press release yesterday by CySEC. And, it turns out, 7 of those 12 CIF license recipients were clients of Stelios Platis’ advisory firm Map S.Platis.
Pretty impressive market share.
And, as we wrote back in early October, the majority of these license recipients are binary or retail forex brokers, as follows:
- YTF Trade Limited (Retail Forex)
- Rodeler Limited (Binary Options under the brand ZoneOptions)
- SN Financials Ltd (Retail Forex)
- Cbay Financials Ltd (Binary Options under the brand 24Options)
- T.B.S.F. Best Strategy Finance Ltd (Binary Options under the brand Cedar Finance)
- Growell Capital Limited (Retail Forex)
- B.O. Tradefinancials Ltd. (Binary Options under the brand name OptionFair)
One more license was also issued to a Map S.Platis client during October, binary options broker iOption.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.