Leadtrade Ltd, the operator of multiple binary brokerage brands, has relinquished its license authorization as a Cyprus Investment Firm (CIF), following a back and forth of suspensions and violations in requisite laws as a Cyprus Securities and Exchange Commission (CySEC) regulated entity.
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CySEC had originally slapped a suspension on Leadtrade for suspicions of an alleged violation of a lack of funds and inadequate Capital Adequacy Ratio back in late March, a move that was later redacted and withdrawn just days later in April. The regulator had asserted at the time that Leadtrade had complied with provisions of the law that had warranted its temporary suspension.
However, according to a regulatory manifest, as of April 28, 2017, Leadtrade has had its authorization rescinded, which correlated to numerous site blackouts and other cessations of trading activity across its brands. Leadtrade had provided investment services across multiple domains including the following:
Finance Magnates has learned that several of these domains, including TopOption and Prestige Options have had their operations and trading services ceased since May 1, 2017 – Options Click’s site has been inactive for at least a few weeks. CySEC’s latest action officially cited a lapse in a ten-day period to comply with its provisions, which as mentioned above centered around Leadtrade’s Capital Adequacy Ratio.
Following the action, Leadtrade will be required to settle all of its existing obligations within a period of three months, as well as addressing any client complaints. The group itself will continue to remain under CySEC supervision during this time.
Source: Finance Magnates