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CySEC warns against Ace Trade Options and Binary Trade Plus
The Cypriot institution that oversees the local financial market, CySEC, has published a communication warning against two binary options sites that offer unlawful trade mediation.
Binary options without a license
Ace Trade Options and Binary Trade plus - these are two brand names that allow you to set up an investment account on their websites with the possibility of concluding transactions on binary instruments. The company that manages the websites does not have the required licenses and permits to conduct this type of activity. Interestingly, the owner is an entity called BO Tradefinancials Ltd (BOT), which not so long ago operated completely legally in Cyprus, but decided to relinquish its CySEC license this year.
It is also worth noting that since 1 July 2018, with the entry into force of the ESMA guidelines, the offer of binary instruments to retail investors in the European Union is completely prohibited. This ban is valid until the end of March on 2019., however, it can be extended by the regulator by another 3 months.
We warn against using the services of unlicensed companies. Before opening an account, always make sure that the broker has the appropriate regulations and permits from the indicated institution supervising the financial market.
