The company has never been regulated under the jurisdiction and doesn’t claim to be
In its usual vague tone the Cypriot regulator has added another name to the list of binary options companies it issued a warning against. The brokerage is LBinary.com and according to the website the company operating it – Live Binary Ltd is based in the Seychelles. The regulator has issued the warning to inform the public that the binary options brokerage is not allowed to conduct operation within its jurisdiction.
The statement goes on to inform us that the company has not been established nor licensed to operate in Cyprus, which the company itself is not claiming on its website. The information we found there about the company did differ in substance. While the contact section claims that LBinary is a brand of Live Binary Ltd Seychelles, the signature at the bottom part of the website states that LBinary is owned by Targaryen Holdings Limited which itself is based in Gibraltar.
In a conversation with a customer support representative from LBinary there was no mention of official regulators. Both entities mentioned on the website have an association with the company, however we found out that the platform provider for the company is SpotOption as listed on their website.
It appears that the Cypriot regulator continues its crusade against unregulated entities following binary options broker TraderXP, NRGbinary and Zoompartners. Following an announcement in May 2012 CySEC is requiring all binary options operators to be licensed as investment firms.
With recent events surrounding Cedar Finance’s CySEC regulation and details surrounding the suspension of iOption’s licence we can’t see many companies rushing to get regulated under the Cypriot authority.
For the full press release visit CySEC’s website.