Binary Options broker OptionRally has lost its IFCS license and is no longer operating in Belize. What is the reason behind OptionRally Belize license withdrawal?
4 May, AtoZForex – The financial markets regulator of Belize, International Financial Services Commission (IFSC), has informed the public that it decided to withdraw the trading license of the Binary Options broker TCM Investments Ltd, the parent company of the Binary Options brand OptionRally.
OptionRally Belize license withdrawn by IFCS
The International Financial Services Commission has withdrawn the registration of TCM Investments Ltd. The regulator did not provide any specific reasoning for such step. However, the financial watchdog stated that the withdrawal took place due to “non-compliance to some conditions of the annex attached to the license granted for trading in securities”.
TCM Investments is operating online via optionrally.com from outside of the European Union. Another Cyprus based company is operating OptionRally within the EU. Cyprus Investment Firm (CIF) Optionrally Financial Services Ltd. is operating through optionrally.eu.
Reportedly, visitors at optionrally.eu from outside of EU are transferred to the previously Belize-regulated website. The Belize entity has the office at the following address: Suite 508, Marina Towers, Newtown Barracks, Belize City, Belize, Belize, C.A.
IFSC Official announcement
The regulator has ordered TCM Investments Ltd “to cease and desist from engaging in the said unlicensed activities forthwith.” As regulator withdraws OptionRally Belize license, the official note from IFCS states the following:
WARNING NOTICE – TCM Investments Ltd.
It is hereby notified for general information that TCM Investments Ltd. of domain name, OptionRally with its registered office at Suite 508, Marina Towers, Newtown Barracks, Belize City, Belize, Belize, C.A., is no longer licensed by the International Financial Services Commission of Belize (IFSC) due to non-compliance with some conditions of the annex attached to the licence granted for trading in securities.
TCM Investments Ltd. is, therefore, directed to cease and desist from engaging in the said unlicensed activities forthwith.
Previous OptionRally warnings
OptionRally has been subject to a number of warnings from global financial regulators. Moreover, this Binary Options brokerage has received a number of fines.
In 2015, OptionRally has entered Hong Kong Securities and Futures Commission (SFC) warning list. Prior to this, the firm has received the warning from the CSA (the Canadian Securities Administrators). Afterward, the Japanese regulator FSA cautioned against dealing with OptionRally for contacting potential clients in Japan without a license.
Back in October 2016, The Cyprus Securities and Exchange Commission has informed the investors that it decided to impose a fine of total €138.000 to the Cyprus Investment Firm (CIF) named OptionRally Financial Services Ltd (‘the Company’) for noncompliance.
The most recent warning for OptionRally appeared in February of the current year. The Canadian regulatory entity OSC has published a warning against TCM Investments Ltd.
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