Update March 2014
In the past year several of the top brokers have completed the application process and have received their CySEC regulation. Banc de Binary was the first broker to get the CIF license from CySEC. Other recommended brokers that have since acquired the license include the following:
Other brokers are undecided about being regulated by CySEC while still others are in the application/approval process.
Please visit TradeOpus regularly as we are constantly updating our Recomended Broker information. You can also subscribe to our newsletter above to receive broker news via email.
CySEC Announces Binary Options Regulation
On May 4, 2012 CySEC (Cyprus Securities and Exchange Commission) announced that Binary Options would be classified as financial instruments thus falling under the laws governing investment services and markets in Cyprus. All firms that provide Binary Options investment services in Cyprus are required to apply to CySEC for a CIF (Cypus Investment Firm) license.
Firms have 15 days to declare their intention of applying for a license and 6 months to actually apply for the license. Firms which do not declare in writing their attention to apply within the time frame are obliged to stop offering binary option services within 30 days.
The announcement then goes on to warn investors not to utilize firms providing binary option services that do not have a license as they will not be supervised by CySEC laws.
SpotOption Platform Receives First CySEC Binary Options License
According to a SpotOption press release SpotOption has officially received a license as CySEC market maker. They have added investment services to their role of software provider in the binary options industry. SpotOption claims to have been a driving force in working with CySEC to regulate the binary option industry. With the proliferation of Binary Option brokers and greater demand for Binary Option services it was felt that regulation was necessary to protect the interest of all parties.
Many of the Binary Options brokers and trading platform providers are located in Cypus. Before long most, if not all, brokers will be licensed offering protection under the law for investors and their deposits.
As a licensed CIF (Cypus Investment Firm) SpotOption has a right to enter collaborations with other white labels under their license. In fact by the end of November 2012 Banc De Binary says they will be the first of the SpotOption brands to receive the CySEC license.
