TopOption and Trader Trust suspended by CySEC

The Cypriot regulator today issued a message on the suspension of licenses for four Forex brokers and binary options, including TopOption and Traders Trust.

1. Leadtrade Ltd - owner of binary options brokers such as TopOption, Prestige Option, Excellence Option and Platinium Option binary,
2. TTCM Traders Trust Capital Markets Ltd. - owner of the Forex TradersTrust broker
3. Gametech (Cyprus) Ltd - owner of a binary options broker ProOption
4. Dragon Options Ltd - owner of the Dragon Options binary options broker.

10-day ultimatum

In the case of each of the four mentioned companies, the regulator suspects violations of the provisions on capital collateral - it is about the lack of own funds and the unsatisfactory ratio of the so-called capital adequacy. CySEC has given each of them 10 days to implement a "recovery program" and take action to ensure that the licensing regulations are respected again.

Until then, everyone on the list can not:

• accept new clients,
• execute or transfer any client orders,
• advertise as an investment services provider.

They must also announce on their website about the suspension of the CIF license. However, brokers can carry out closing transactions and withdrawals.

The question is how much it will upset binary brokers who, as a result of the planned changes by CySEC, are already planning to escape to another jurisdiction.

Read: No more contests with Cypriot brokers

Official CySEC messages

1. Leadtrade Ltd
2. TTCM Traders Trust Capital Markets Ltd
3. Gametech (Cyprus) Ltd
4. Dragon Options Ltd