04 August, AtoZForex.com, Vilnius – TechFinancials Inc. has been issued an administrative penalty of €10,000, following the offering of binary options trading services in Italy.
Binary platform provider and operator TechFinancials Inc (LON:TECH), which is currently regulated by the Cyprus Securities and Exchange Commission (CySEC), has published today that the company was issued with a fine from Italian financial regulator Commissione Nazionale per le Società e la Borsa (CONSOB). The case is similar to the one back in 2013 when a number of binary options brokers got banned from the Italian web for providing services without a proper authorization.
At the start of the year, TechFinancials told it was subjected to an administrative sanction procedure by the Consumer Protection Division of Consob. The regulator was investigating whether the B.O. TradeFinancials Limited, as a regulated broker under the CySEC, provided investment services in Italy without the necessary authorizations.
At the time, the company pointed that the maximum fine for such an offence could be up to 500,000 euro. TechFinancials announced today that the administrative sanction procedure has been finished and the company now faces a total fine of €10,000.
Alternative binary options brokers included in the 2013 ban are a number of firms currently regulated by CySEC such as EZTrader and AnyOption. Ever since the CySEC started authorizing binary options companies to provide financial services, slowly but surely, the majority of the industry has grown into regulated in order to avoid confrontation with financial markets watchdogs in the 28 European Union member states.