16 November, AtoZForex.com, Lagos – DMM Option has announced the closure of its binary options operations. The firm clarified that it will return any client funds back to the source of origination from which clients had deposited, by Monday 14 December, 2015 (AEDT).
In more detail, DMM Option is a subsidiary of the ASIC regulated DMM FX. Hence the firm has a similar brand name of the Australian broker. In a public explanation, DMM FX has clarified that the winding up of its binary options arm is due to its strategic goals to primarily focus on delivering FX services. The broker is putting more effort to maintain the highest standard FX services for its FX trading accounts, rather than diversify with a binary options arm. DMM Option will quit operations by this upcoming Saturday, November 21, 2015.
Recent network issues
DMM FX has been in the news lately over intermittent outage issues affecting its network. The situation affected a number of clients’ login to the MT4 trading servers as well as the client portal of DMM FX. After a few days, the broker announced that the issues have been fixed.
DMM FX Australia stated that the level of risk to its clients was unknown. At that time, the online broker could only reassure its clients that the investigation was given top priority. Interestingly, DMM FX issues occurred in a time period when a few other outage cases took place in the region of Australia.
Through the period of the outage, the broker informed the public that the issues did not affect their withdrawal and funding facilities were not affected.
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