TechFinancials Inc, the Binary Options technology and brokerage company, has made a big announcement in regards to its operations. The company has informed the public that it plans to withdraw the Cyprus Investment Firms (CIF) license of its regulated subsidiary B.O. TradeFinancials Limited (BOT).
Why Binary Options broker OptionFair shuts down?
According to the reports, the company has also planned to shut down its OptionFair Binary Options brand. In addition to shutting down the OptionFair, the company also intends to return all client funds.
BOT is the CySEC regulated entity that has been operating under TechFinancials. OptionFair is the Binary Options brand, which, in turn, has been operating under the BOT control. The BOT is also managing binary options market making operation MarketFinancials Limited.
Earlier last year, TechFinancials has tried to sell OptionFair as part of BOT and MarketFinancials to a group of investors. Yet, the deal worth $400,000 did not go through. That time, in February 2017, the deadline for CySEC for new owners approval has passed.
The general restructuring of TechFinancials is the part of the company’s decision to shift its focus on supporting the most profitable segments of its business.
What now for OptionFair clients?
Reportedly, TechFinancials has stated that it is in the process of informing BOT clients of its plans to cancel all of its activities in relation to the OptionFair brand. The company also notes that it intends to return all of the clients’ funds.
Resulting from the notification of the CySEC CIF license withdrawal, MarketFinancials has annulled its market maker services with BOT. TechFinancials now intends to sell MarketFinancials with its license. It is also known that the company will further update the public about any developments in regards to this matter.
We have reached out to the TechFinancial representatives to get any additional insights on the case. We are currently awaiting their comments.