CySEC Withdraws CIF License of Former AnyOption Owner Ouroboros

The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) on Friday confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) License of Ouroboros Derivatives Trading Ltd, the ex-owner of the binary options brand AnyOption, which holds the authorization number 187/12.

This is not a surprise as Ouroboros has sold off Anyoption and its affiliated cluster of companies to portfolio management provider Invest.com back in 2017. A crucial part of the acquisition determined that Anyoption will terminate its binary options activity to instead offer structured products, portfolio management, stock trading, and CFDs.

The Cypriot watchdog made it clear that Ouroboros’s surrender of its license is entirely voluntary not the result of any regulatory action taken by the CySEC.

Although the regulator didn’t state why Ouroboros has decided to say goodbye to its CIF authorization, it has recently seen many regulated brokers opt to voluntary surrender their license.

As Finance Magnates exclusively reported last year, Invest.com consolidated the main asset of Anyoption: an active portfolio of customers, a global set-up of financial licenses including from CySEC of Cyprus and the Financial Services Board of South Africa, vetted regulatory and compliance procedures, personnel experienced in online marketing and Anyoption’s tech infrastructure.

Bye to Binary Options

Ouroboros Derivatives Trading Ltd received its CySEC license in 2012. Despite cementing a leading place within a crowded industry, the company has fallen victim to many of the same problems plaguing its competitors. The sector has become fairly saturated and overly competitive while continuing to grapple with toughening regulations. Difficulty breaking into new markets has driven many companies to look for alternatives.

In August 2016, the company opened two new offices in Bulgaria and Cyprus as part of the exodus of binary options providers from Israel. Two months later the company was granted a Portfolio Management and Investment Advice license from CySEC.

The exact reasons leading up to this decision remain unclear, but CySEC will certainly maintain supervision over the financial service company until it has taken care of its responsibilities under the license.

Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. In addition, Ouroboros must provide a confirmation from its external auditor that it does not have any pending obligations and must include details of each of the company’s clients, according to the same CySEC announcement.