CySEC warns about Tradersking


July 3, AtoZForex .com Lagos – The Cyprus Securities and Exchange Commission has again called the attention of the public to the activities of a trading firm whose activities are not covered under the code of operations of the CySEC.

TradersKing describes itself as a leading global investment firm that specialized in Binary Option trading and one of the original groups of Binary Option operators that launched the Binary Option trading revolution. We work with customers and business partners in over 100 countries worldwide. Our office in the business district in London enjoys close collaboration with our sister offices in Cyprus and Holland.

According to the release of CySEC, the firm lists its only address as “9 Paternoster Square, London, EC4M 7LS TRADERSKING LTD, The Hansa Bank Building, 1ST floor, landsome road, British West Indies the vallye, AI-2640, Anguilla.”

CySEC warns about Tradersking, clarifying that it does not hold the relevant license or authorization, therefore it is not permitted to provide investment and ancillary services in the Republic. This decision is pursuant to Investment Services and Activities and Regulated Markets Law, as:

  • It has never been authorized by the Commission.
  • Ιt is not a bank or a cooperative firm, established in the Republic and authorized to provide such services.
  • No notification has been received by a competent authority of another Member State, pursuant to sections 77 and 80 of the above mentioned Law.

In a bid to cleanse the industry, the Cypriot financial watchdog announced a few days back, the revocation of the operation license of the Local Common Fund ‘Argus Funds’ with number UCITS 04/78, pursuant to section 9(6) of the Open-Ended Undertakings for Collective Investment (UCI) Law of 2012. The reason for CySEC’s revocation of the company’s license is “due to the non-submission by the Management Company, within three (3) months from the grant of its operational license, of a certification by the Depositary regarding the deposit of the Common Fund’s initial assets.” Argus funds bears affiliation with ArgusFX, a registered trading name of Argus Stockbrokers Ltd (ArgusFX), which is authorized and regulated by the Cyprus Securities and Exchange Commission

The Commission has again reiterated that investors should consult its Web Site (http://www.cysec.gov.cy/default_en.aspx) before deciding on conducting business with Investment Institutions to verify the genuineness of such firms.

 

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