Dragon Options CySEC CIF License Renounced


Following the suspension of the Dragon Options' CIF registration this March, the brokerage has decided to renounce its trading license. As Dragon Options CySEC CIF License Renounced, we look into the related regulatory statement from the Cyprus Securities and Exchange Commission. 

10 November, AtoZForex The key regulator of Cyprus, the Cyprus Securities and Exchange (CySEC) has published an announcement in regards to one of the Cyprus Investment Firms (CIFs) operating on the island. The Cypriot regulator as informed the public that CIF Dragon Options Ltd has decided to renounce its authorization.

Dragon Options CySEC CIF License Renounced

In fact, the official announcement from CySEC is as follows:

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”The Cyprus Securities and Exchange Commission (‘CySEC’) announces that, on 6 the November 2017, the CIF Dragon Options Ltd (‘the Company’), which provided investment services via the domains www.taotrade.com, and www.dragonoptions.com renounced its authorization, pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’). “

Therefore, the CySEC notes that the CIF authorization with Number 223/14 has lapsed as from the 6th November 2017. Furthermore, the regulator states that the firm has obligations to settle within a period of three months. Specifically, the CySEC statement reads:

“ The Company is obliged to settle within a period of three (3) months, pursuant to section 24(3) of the Law, its obligations arising from the investment services or/and activities that lapsed. “

In addition, the CySEC highlights that Dragon Options Ltd will remain under the supervision of CySEC until the regulator is approved of Company’s settlement of obligations t arising from the investment services or/and activities that lapsed.

CySEC suspends Dragon Options' License

Earlier this March, the Cypriot regulator suspended CIF license of Dragon Options Ltd. In fact, the binary options broker started its activities in 2011 but acquired its CIF license in January 2014, which breached the law. Moreover, the broker claimed to have offices in Moscow, Kiev, and Cyprus. At that time, their operational websites and domains consisted of:

  • dragonoptions.com
  • binary.dragonoptions.com
  • forex.dragaonoptions.com
  • taotrade.com

In fact, as of now, the domain dragonoptions.com is not operational. Yet, we were still able to access the taotrade.com at the time of publication.

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