CySec suspends the license of Cyprus Investment Firms providing Forex and Binary Options trading 


The Cyprus Securities and Exchange Commission (CySec) has issued four announcements to inform investors and public on its decision dated 13/03/2017 to suspend the license of four Cyprus Investment Firms (CIFs).

According the announcements, CySec has suspended the authorization of:

1) Leadtrade Ltd, number 296/16

Leadtrade Ltd operates various Binary Options brands like the Prestige Option, TopOption, Excellence Option and Platinium Option.

2) TTCM Traders Trust Capital Markets Ltd, number 107/09

TTCM Traders Trust Capital Markets Ltd operates TradersTrust, offering products to trade like Forex, Metals, Indices and Commodities.

3) Gametech (Cyprus) Ltd, number 291/16

Gametech (Cyprus) Ltd operates the brand ProOptions offering trading in binary options

4) Dragon Options Ltd, number 223/14

Dragon Options Ltd operates the binary brand Dragon Options

CySec informs that suspends the license of the four CIFs, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), as there are suspicions of an alleged violation of:

1. section 67 of the Law (Own funds), and
2. Article 92(1) of the European Regulation No. 575/2013 (Capital adequacy ratio).

The decision was reached due to the fact that the aforementioned alleged violations may possibly endanger the Company’s clients’ interests and generally the smooth operation of the capital market.

According to CySec’s announcement, within ten (10) days, the Companies have to take actions in order to comply with the aforementioned provisions.

While the suspension of the authorisation is in force, the four above mentioned  Companies:

1. Cannot enter into a business relationship with any person and take upon any new client.

2. Cannot receive, transmit or execute any orders from clients for buying any financial instruments.

3. Cannot provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).

4. Cannot advertise itself as investment services provider and should mention on all of its websites that its CIF licence has been suspended.

5. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law:

5.1. Close all open positions in relation to clients’ contracts, or of its own, on their maturity date or on an earlier date if the client so wishes.
5.2. Return to existing clients all of their funds and profits earned.

Source: CySec – Leadtrade LtdTTCM Traders Trust Capital Markets LtdGametech (Cyprus) LtdDragon Options Ltd

10 Responses to CySec suspends the license of Cyprus Investment Firms providing Forex and Binary Options trading

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    I am putting 8000 USD with bull option . I want to see if they have licence or not in CySec


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