The CySEC regulatory authority (Cyprus Securities and Exchange Commission), the financial controller of reference within the European Union, regularly warns traders against the binary options brokers at risk and does not hesitate to sanction less serious brokers within the trading industry. We have recently seen that Banc de Binary broker has been imposed a $10,000 fine by the CySEC regulator. The regulator has recently issued a statement on its website with the purpose of cracking down on the Cedar Finance binary options broker, whose CySEC license has been permanently revoked.
The Cyprus Committee of Financial Security (CySEC) is finally handling the case of the Cedar Finance broker, one of the binary options brokers that offer traders the possibility to speculate on financial markets through binary options. The statement that we are referring to above was published in Greek on the official website of the financial regulator of the Mediterranean island of Cyprus and we have translated here-below outlines of this document:
– The first statement was issued against the Cedar Finance broker on December 19, 2013 before another one was drafted a few weeks later on February 21, 2014. This announcement was the outcome of a meeting of the CySEC on June 16 2014 during the decision was taken to fully revoke the CIF 213/13 license that was previously granted to the broker which enabled this broker up to now to legally offer its investment services to traders in the European area. As a result of this decision by the competent financial authorities, the company T.B.S.F. Best Strategy Finance Ltd, owner of the brand Cedar Finance and the www.cedarfinance.com website, is no longer officially regulated and licensed by the CySEC in the European Union.
– Revoking the license of the Cedar Finance broker by the CySEC came as a result of the numerous violations recorded against this broker by the authorities whose practices go against the Regulation of the CySEC regulator “Investment Services and Activities and Regulated Markets Law”. For example, the latest offense that the authorities recorded against Cedar Finance was a violation of Article 26 (5) of the CySEC Regulation, namely the dealer has offered its services to European traders while its license was temporarily suspended on December 19, 2013. This did not prevent the broker from continuing its activities anyway regardless of the warning issued by the local financial authorities.
– Prior to this new statement, the Cedar Finance broker had three months to rectify the situation with the Cyprus authorities regarding its activities involving binary options investment. It turns out that the broker appears to have stalled with respect to the requirements of financial authorities. Thus, since Cedar Finance continued to offer its services to traders without a CySEC license or license from other financial regulators, it was in violation of the law and thus represents significant risks to traders and other investors.
Based on all the reasons discussed here-below, we along with the CySEC advise traders not to use the services of the Cedar Finance broker and to rather opt for licensed and regulated binary options brokers.
Unlike the Cedar Finance broker that no longer has its CySEC license and is thus no longer entitled to legally offer binary options trading to European traders, there are a number of regulated binary options brokers with licenses, permits and other authorizations issued to them by many financial institutions thanks to the reliability that they have exhibited and the quality investment services that they offer. These regulated binary options brokers do not present any risk and their traders enjoy the protection of banks and financial authorities in the event of any conflict with the broker, hence their funds are safe and can be withdrawn at any time.
Among these regulated binary options brokers, we can take the example of the TopOption and OptionTime brokers. These two brokers belong to the same company and are the most regulated binary options brokers in the trading industry since they have twelve licenses from European financial regulators such as the CySEC (Cyprus – European Union), AMF (Financial Markets Authority – Banque de France), CNMV (National Stock Market Commission – Spain), CONSOB (The National Commission for Companies and the Stock Exchange – Italy) or FCA (Financial Conduct Authority – United Kingdom.).
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