The Cedar Finance binary options broker, based in Cyprus, has recently had its license temporarily withdraw by the CySEC (the regulator of the local financial markets). The basis of the suspension of the license was not final and extended over a period of 30 days. It looks like the Cedar Finance broker is again on the spotlight as the CySEC has extended the suspension of its license while the Canadian regulator of the financial markets has launched a warning to traders against this same broker.
On February 21 2014, in an official statement the CySEC announced to us that the license granted to TBSF Best Strategy Limited (TBSF), the company behind the Cedar Finance brand, has been suspended for a longer duration until further notice. The first suspension of the Cedar Finance license by the CySEC was linked to a series of violations of regulations specific to the investment services and activities of regulated financial markets. These few offenses included;
– The non-possession of the minimum initial capital required by the financial authorities;
– A violation related to the identity of the directors of the company;
– A violation related to the shareholders of the company.
The CySEC regulator had given the company a period of one month to solve a few identified problems of which it was accused under penalty of having its license completely suspended as well as having tougher sanctions against it, such as severe financial penalties. Although the Cedar Finance website still appears functional, the license remains suspended at the present time. The suspension of the CySEC license theoretically prohibits the broker from offering its services in binary options trading to traders based on European soil.
The CySEC is not the only regulator to pay close attention to the Cedar Finance binary options broker, since the Canadian regulator BCSC has also examined the case of this binary options broker. The regulator of the financial markets has found that many traders in British Colombia had the opportunity to open trading accounts with the Cedar Finance broker while neither its website (www.cedarfinance.com), nor the company to which the broker belongs (TBSF Best Strategy Finance Limited (TBSF)), do not have any permission from the Canadian financial authorities to carry out their activities.
Also note that just like Cyprus, Japan or Malta, British Columbia is among the jurisdictions that do not consider binary option as a gambling product, but rather as a genuine financial instrument related to investment. This is why binary options brokers that wish to offer their services to traders in this territory, which is a province belonging to Canada, must file a license application from the local financial authorities. In fact, it looks like neither the Cedar Finance broker nor its company have such a license. Hence, the BCSC regulator does not advise traders to use the services offered by the broker.
Last month, the Financial Markets Authority (AMF), which is the regulator whose role is to oversee the financial industry at the national level in France, has published a circular in which it listed 68 binary options brokers to avoid. On this occasion, we have written an article in which we have enumerated all the brokers against which the CySEC is warning traders, and the Cedar Finance broker appears on this list as one of the brokers that are not authorized in the French territory.
Faced with this general warning on behalf of several international financial regulators, the Cedar Finance broker no longer inspires confidence and appears to be a broker to avoid. We remind you that there are several trust-worthy brokers in the binary options industry regulated not only at the European level by the CySEC. but also in France by the AMF. This is for example the case of regulated TopOption broker that is authorized by more than a dozen regulators to provide financial services to traders and has thus nothing to prove as far as its seriousness is concerned.
Our team was able to negotiate exclusive bonuses on deposit in binary options with the majority of the regulated brokers present in the binary options industry in France. For example, to use the case of the previously mentioned broker, when opening a TopOption account a 100% bonus that makes it possible to double your base investment can be obtained by being a reader of this website, whereas under normal circumstances the broker offers no bonuses to its traders.
In addition, it should be taken into account that the BonusBinaryOptions.net guarantee will also be granted to you and you will accordingly be assisted by our team in case of any conflict encountered with any broker listed in our comparative chart of binary options brokers.