Cedar Finance quits operations


16 November, AtoZForex.com, Lagos – It is a known fact that binary options as a financial tool is a complicated topic, as many regulators have failed to identify it as such. To complicate the industry more, binary options have been a tool for many fraudsters, which makes it even more difficult to succeed in trading.

We have now learnt that one of the pioneer binary options brokers to be regulated by the Cyprus Securities and Exchange Commission (CySEC) has now quit operations. The binary options broker, Cedar Finance has now shut down, with its website (www.cedarfinance.com) is also inactive at the moment. Along with it are its subsidiary brands: Regal Options and Brokerage Capital which operate via the websites (www.regaloptions.com) and (www.brokeragecapital.com). All three firms operated under the mother company TBSF Best Strategy Finance Ltd.

CySEC CIF license

Back in September 2013, Cedar Finance became one of the first binary options brokers to acquire a CIF licence from CySEC. But the firm fell out of luck with the financial watchdog in years to come. Only three months after it received its license, in December 2013, CySEC withdrew the authorization for reasons best known to the regulator. Later in July 2014, the license of the firm was reinstated. But this time, the firm operated under the umbrella company P.M. Investment Capital Limited. It only took another year before the new license was again revoked in July 2015.

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Cedar Finance’s business diminished following the firms consistent issues with the Cypriot watchdog. This will also have had a significant effect on TRADOLOGIC’s business. TRADALOGIC is a popular binary options trading platform, which had a lot of its business coming from Cedar finance and its sister companies during their prime.

Earlier in the year, CySEC was reported to have been in the process of investigating the suspicious practices of P.M. Investment Capital Limited. At the time, the regulator confirmed that:

“P.M. is authorised (no. 243/14) by CySEC to provide investment services in relation to financial instruments but is not allowed, for the time being, to provide such services, through the above websites and/or in any other way, as it has not complied with CySEC’s recommendations, which were set as a prerequisite for its activation.”

Clients of the now defunct firm are in panic as the websites have all gone incommunicado.

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