Cedar Finance, based in Cyprus, claims to be in the process of obtaining a CySEC license.
Binary options platform provider Tradologic has announced that it has added Cedar Finance, an existing binary options broker, as a new client using its binary options platform. Cedar has been around since 2011, operating using an independent platform.
The Tradologic-Cedar Finance announcement highlights the rapid growth and change in the binary options market of late. Many (if not most) of the non-Japanese binary options brokers are based in Cyprus, and are scrambling to receive CySEC licensing after CySEC decided to regulate binary options. Although that decision was taken more than a year ago, CySEC has decided not to shut down unregulated brokers, as long as they begin the regulation process in a timely fashion. Only three binary options brokers have indeed received CySEC licensing — Banc de Binary, OptionWeb (both running the SpotOption platform), and most recently ZoneOptions (running the TechFinancials platform).
By contrast, Japanese regulatory authorities effectively shut down all binary brokers last year, while deciding on final binary regulations, which appear to be ready to go into effect in the coming months.
For the complete Tradologic press release click here.
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