The regulator of financial markets, the CySEC (based in Cyprus and in charge of overseeing the trading industry and its forex brokers, binary options brokers and other financial entities) has recently revoked the license granted to the company WGM Services Ltd; in other words this revocation applies to the parent company that owns the EZtrader.com website and the EZTrader binary options broker in addition to the brands GlobalOption, EZInvest and 888binary. Revoking the CySEC license granted to the company WGM Services Ltd penalizes the EZTrader binary options broker since owning such a license is a positive point that reflects the safety of the broker and the trust that the financial regulators attribute to it.
The EZTrader binary options broker declared to have generated revenues of $7.95 million for the first half of 2014 (from the beginning of January to the end of June). The company WGM Services Ltd has conducted a fundraiser of 3.94 million dollars from investors in the month of May 2014 to provide itself with 6.95 million in available cash (cash) on June 30, 2014. It should be noted that EZTrader has recently signed partnership agreements with the German soccer club Bayer Leverkisen and the Basque club Feyenoord Rotterdam.
If you are certainly wondering why the CySEC made the decision to suspend the license of the EZTrader broker in November, the authority clarifies and declares that it has some suspicions of violation of financial regulations regarding several issues including:
– The securing of clients’ (traders) funds
– The available equity capital
– Its excessive financial risk-taking
The CySEC has taken such a decision since these violations could possibly have repercussions to the clients (binary options traders) of EZTrader and their interests on the financial markets. The Cyprus regulator, the CySEC, is expecting a response from the company WGM Services Ltd. In the meantime, the suspension of the license remains temporary.
Theoretically, when such license revocation occurs, the binary options broker in question is no longer allowed to provide its services to traders within the territory overseen by the regulator. In other words, given that this pertains to the CySEC, EZTrader should have no current market transaction from its European traders until the suspension of the license expires.
Pending the resolution of the problem between the CySEC and the parent company that owns the EZTrader broker, it is better to practice binary options trading with another binary options broker that is regulated and authorized by financial regulators. Since we are closely following the industry of binary options brokers and its news, we will make sure to publish an update to this article or on our binary options blog as soon as the CySEC or the EZTrader broker share with us new evidence regarding the license suspension obviously in the hope that the problem is resolved favorably.
However, if you want to make money on binary options through another broker until the EZTrader broker resolves its situation with the CySEC regulator, the BonusBinaryOptions.net article advises you to opt for a regulated broker such as OptionTime, TopOption or 24Winner. These three brokers belong to the same company Safecap Investment Ltd and have licenses from a dozen European financial regulators such as the CySEC, the AMF Banque de France, the CNMV (Spain), the CONSOB (Italy), the FCA (United Kingdom). The numerous licenses that various financial regulators have granted to these three reliable brokers that we are referring to bear witness to their seriousness, hence they are a good alternative to the EZTrader broker.
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