The CySEC regulation in charge of overseeing the financial industry at the European level has recently completed suspending the license of the EZTrader broker. Although this announcement sounded like bad news for traders, the CySEC has already terminated this temporary suspension, and we will herein come back over this matter in detail.
In November 2014, the CySEC regulator announced through an official statement that it had just made the decision to withdraw the license of the EZTrader binary options broker or rather that of the company to which it belongs (WGM Services Ltd). The CySEC regulator explained this decision by the fact that it had some suspicions pertaining to violations of certain aspects of the European financial regulation by the broker that may harm the interests of traders. Thus the CySEC has given the EZTrader two weeks to explain and rectify the situation under penalty of permanent suspension of its license.
Being a serious broker, the EZTrader binary options broker has immediately taken measures in order to rectify the situation with the CySEC and show everyone that it is beyond reproach. Being an equally serious regulator, the CySEC fufilled its promise and allowed the broker to maintain its license. Thus, EZTrader can continue to offer binary options trading to its clients as it is legally approved by the CySEC regulator.
The EZTrader broker has settled its accounts with the CySEC financial regulator. Once the situation of the broker has been regularized, as expected the CySEC ended the temporary suspension of the license granted to the broker. In order to inform traders of this news that is good for both traders and investors, the representatives of the EZTrader broker have spoken publicly.
The Chief Executive (CEO) of EZTrader, Shimon Citron declared:
“With the successful completion of the conditions of the CySEC, our company is now extremely organized and operational under the strictest standards of the CySEC. All other companies within the industry will also comply with the same standards. We plan to continue to develop our business within the European market as well as in the rest of the world and to provide our clients with a trusted service while being as reliable as possible”.
The Chief Operating Officer (COO,) Liran Gilboa added:
“Professionalism, honesty and innovation are an integral part of our corporate environment. We will continue to strive to execute our plan of action and to provide our clients with the highest level of satisfaction”.
These publicly-made remarks give us the sense that the EZTrader broker is willing to comply with the regulations and financial laws imposed by the regulators of financial markets. This is also a sign of trust that reflects the sense of responsibility of the broker.
As we have previously seen, the EZTrader binary options broker has been able to quickly rectify its situation along with the misunderstanding that was causing conflict with the CySEC and was thus able to maintain the license which was granted by the Cyprus financial regulator. The EZTrader broker is owned by the company “WGM Services Ltd” which indeed has the license # 203/13 of the CySEC. The latter is not the only license granted to the company and its broker since the EZTrader broker has recently received the license # 74878 of the AMF (Financial Markets Authority, the main French regulator).
Apart from this small misunderstanding with the CySEC, the EZTrader broker generally has a pretty good reputation; it has already been part of the trading industry for six years since this broker was established in 2008. EZTrader is a broker that targets an international customer base. Its trading platform is available in English, French, Spanish, Italian, Portuguese, Turkish, German, Swedish as well as Russian. Finally, although it is not a binary options broker that offers the lowest deposit, this broker still remains accessible given that it only takes $200 to open an EZTrader account.
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