CySEC imposes fines against ChargeXP and binary options broker OptionsBravo

According to our research ChargeXP might be behind VIP Binary, which does not appear to be operational

Cypriot regulator of financial services providers CySEC has released two press releases today that outline some details about fines it has imposed on a couple of binary options brokerages in October last year. The first administrative action was taken against Calpiaco Ltd which provided binary options contracts through a website named while and amounts to €5,000. The second violator is ChargeXP which allegedly operates and totals €10,000.

The Cypriot regulator is puzzling us once more as it is releasing information that is about three months old since both decisions have been taken on the 21st of October according to the press releases in Greek.

According to the regulator, Calpiaco Ltd has breached article 4 of the Investment Services and Activities and Regulated Markets Law dating from 2007. It has operated from within Cyprus until September 2012 while providing binary options contracts through its website which appears to be currently offline. The company failed to get regulated under the CIF law triggering action by the CySEC.

The second company that has come under scrutiny, ChargeXP has breached article 41 of the SEC Act dating from 2009 which comprises provision of misleading statements or failure to provide necessary information to the CySEC. According to an online complaint filed on the company is behind which as of today is active and operational.

The website of the binary options brokerage itself failed to provide information about the ownership of VIP Binary. Support numbers are disconnected and both are starting with a US country code – a mysterious brokerage this one.

Following you will find links containing the press releases in Greek on CySEC’s website here and here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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