TradeFinancials CySEC CIF License has been voluntarily renounced, according to the CySEC website. The company has decided to give up its trading license earlier this March.
4 July, AtoZ Markets – The Cyprus Securities and Exchange Commission (CySEC) has issued an announcement to an investors’ community. The key financial regulator of Cypriot markets has informed the public that the Cyprus Investment Firm (CIF) license of B.O. Tradefinancials Ltd. is no longer valid.
TradeFinancials CySEC CIF License Renounced
The B.O. Tradefinancials Ltd is a subsidiary of TechFinancials, the UK-listed trading technology provider for the financial industry. The latter has earlier announced its plans to sell Cyprus-based subsidiary. Reportedly, the company has been trying to move away from the Binary Options industry. TradeFinancials has informed CySEC about its intention to give up its CIF license earlier this March.
Such move emerged just few weeks following the news about CySEC denying the sale of OptionFair brand to another Cypriot company called S Win Holdings Ltd, which is privately-owned. The deal was planned to divest the company from its Seychelles-regulated subsidiary MarketFinancials Limited.
In fact, starting from early 2015, MarketFinancials has been active as a liquidity provider. It was primarily providing Binary Options and Forex market maker services and risk management to the group.
TechFinancials Moving Away from Binary Options
In spite of gaining a leading position in Binary Options industry, TechFinancials decided to exit the market. The sector has become somewhat saturated and the global regulations have appeared as one of the obstacles. Therefore, many similar companies have decided to move forward.
TechFinancials has been already renouncing some of its key management from 2017. That time, the company has parted ways with its COO Jeremy Lange. The company focused on restructuring the company and laying off some of the staff.
The company has downsized its presence in Asia and Israel due to the tightening regulations. Reportedly, it has also moved some of the employees to Ukraine. Moreover, all of the board and senior management team members saw a 20 percent reduction in salary, according to reports.
We have reached out to the company for further insights into the case and currently awaiting response.
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