The first two brands use Tradologic’s platform while the latter is based on SpotOption’s solution
The list of licensed binary options brokerages is expanding as the regulatory crackdown that CySEC has pledged after the start of the new year is driving more brands to obtain a CIF license. The latest batch includes two brands that use Tradologic’s platform, namely OptionBit and OptionXP, while the third company, OptionWorld uses SpotOption’s solution.
The company behind the first two brands is named Novox Capital Ltd and is registered in Nicosia, Cyprus and received its license on the 4th of Feburary according to a press release issued by the Cypriot regulator. OptionWorld is licensed through K.J.W. Krisworld Development Ltd which received its CIF license on the 5th of February.
The regulatory environment in Cyprus has been suffering in credibility and since the unexpected shutdown of iOption many binary options brands don’t bother to be regulated as the benefits are questionable. Binary options traders seem less inclined to care whether or not their broker is indeed regulated, as compared to Forex trading clients.
CySEC has managed to establish itself as pretty much the only regulator that is granting licenses to binary options companies. That has made the country an operating hub for the industry and attracted many companies to set up shop and operate from the island.
Both companies that have been issued a CIF license can be found on the list of regulated entities on CySEC’s website.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.