Exclusive News for ThatSucks (former BinaryOptionsThatSuck) – CySec Announce StockPair is Now Official Regulated
Well, we’ve been waiting for long time now. Regulation is knocking on StockPair’s door for awhile now, we all knew it would happen anytime soon, however it seems like it took a lifetime. I’m glad to finally announce the StockPair binary options brand is now officialy regulated by CySec. According to the company’s representative, this is only the first step toward broader EU regulation. As much as I find those news exciting, I feel like I already know this company for such long time, hearing about their regulation process and talking to the company’s staff, I can’t say I’m very surprised. I knew it was coming for a long time, not to mention I was kinda disappointed that this whole regulation process took forever. Nevertheless, compensation didn’t took long time to happen – I (Martin) was the first person out side StockPair to know about it. After all, I’m a reporter, and it’s always great to get the first news release(:
International Regulatory Bodies are Tightening their Grip over Brokers
There have been a couple of new developments in the realm of binary options regulation. Now that regulation is coming into focus and more countries are jumping on the band wagon the different jurisdictions are beginning to butt heads. Take for example a “Reminder of August 2013 Warning” issued by the BCSC. The warning comes from the Vancouver based British Columbia Securities Commission and warns investors about on line binary options trading platforms. The reminder was spurred by broker RBOptions, operating out of Toronto with out any form of regulatory registration or compliance. RBOptions was added to the original alert which included GoOptions, Traderush and 24Options. In the warning the BCSC makes note of the differences between regulated and unregulated binary options but remains cautious about binary options in general.
It is important to keep things in perspective. The warning against RBOptions, GoOptions and Traderush is because they are not registered or regulated as a financial services company in any jurisdiction. They do have to comply with the basic corporate statutes of the locale they are headquarted in but what does that mean to you, the trader. 24Option does not fall into the same category. While it is not regulated in Canada, it is a Cypress registered and regulated financial services company in full compliance with the laws of Cyprus and the greater EU banking system that it operates within. Upon review of the other brokers websites there is no indication of any form of regulation or registration with any financial services organization. The 24Option website prominently displays its CySEC status, the terms and conditions for using the platform are filled with clauses out lining their compliance with the laws and you can find the parent company, CBAY Financial Services Ltd on the CySEC registry.
CySEC Stands Tall
There are many critics of binary options and the regulation enacted by CySEC. To date the organization has been standing firm on its regulatory footing. One way in which CySEC serves the public is to issue warnings of its own. One such is against broker LBinary . The broker received a warning stating that it was not regulated or registered in Cyprus and was not permitted to perform ancillary or investment services as such. The broker, which is based in Gibraltar, said in an interview with ForexMagnates that it deemed the benefits of regulation as “debatable”. While this is true, the fact that CySEC is on the watch for unregulated brokers and defending it’s turf is a sign that it may be serious about regulating binary options.
CySEC Barks, But Does It Bite?
Warning the public about unregulated brokers is good but is it enough? CySEC does not think so, the agency has issued stronger warnings to Cyprus based brokers and even levied fines against one. In a further effort to clear the unregulated brokers off the island CySEC has refused to license broker ShortOptions operated by Stardor Limited. The broker has been instructed to immediately cease all operations within Cyprus borders. The company, Stardor LTD, had failed to meet compliance measures sufficient to meet CySEC standards. The agency determined that under its authority granted by the Investment Services and Activities and Regulated Markets Law of 2007-9 it had the right to refuse licensing.
Last but not Least – The Real Story of Binary Options – Harlem Shake Style! Enjoy!
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