LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
The company has been spared a huge fine in return for a commitment to get regulated
Cypriot regulatory authority CySEC is on the move once again. The regulator has announced in a statement on its website that it is administrating a fine totaling 15,000 Euros on the company Zoompartners Ltd, which is behind the Zoomtrader binary options brand.
Officials state that the company has violated Article 4 of the Investment Services and Activities and Regulated Markets Law through operating its website since October 2012 by providing investment services through binary options contracts without holding a CIF license.
The fine is only marginal when compared to the maximum 350,000 Euros, because the company has taken measures to apply for a license and terminate its activities within the jurisdiction of CySEC until it obtains it.
The Cypriot regulatory body continues to be very active in the binary options space following a series of announcements and warnings against several providers such as Sycamore Options, PlanetOption, TraderXP, and NRGBinary.
Stay tuned to LeapRate as we keep track of incoming regulatory actions across forex and the binary options industries.