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Only 2 weeks passed since CySec’s dramatic announcement
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Saturday, May 19, 2012 3:01:55 AM
Only 2 weeks passed since CySec’s dramatic announcement that it intends to start regulating Binary Options and we already have flurry of news that many brokers have applied for this registration and that registration firms have their hands full with these requests.
We’ve received confirmation of the below from two brokers: Everest Index and CommexFX that they are already authorized for binary options by CySec and in process to start operations..
So far 4 (four) licensed Cyprus Brokers and 1 (one) Licensed Belize Broker, possibly followed by many more, are ready to deploy Binary Options trading predominantly for potential international retail clientele. This is expected to take Binary Options trading to a next level of credibility, transparency and investor protection, which is sought by both: involved regulators and fit & proper Brokers.
The Cyprus Securities and Exchange Commission (Cysec), with its Announcement of 3 May 2012, confirmed that Binary Options are covered by the present Law and set a transition period for unregulated Brokers operating from Cyprus to apply for the relevant license. The Cysec is believed to have made recently one more decisive step showing strong intention to maintain the credibility of Cyprus as a modern financial services hub; while at the same time Cysec’s intelligent supervision and enforcement maintains a pro-business environment.
360 Consulting (www.binarylicense.com) has actually implemented the way for the said licensed Brokers into Binary Options well in advance of the said historical announcement.
Mr. Costas Constantinides, Director of 360 Consulting, said among others that great business achievement can be realized in the case where forward-looking consulting meets open minded business:
“Our licensed clients that are presently ready to deploy Binary Options had welcomed our expert advice at the time of their license applications and establishments as early as 2010.
A consultancy is certainly not ‘reinventing the wheel’ for just knowing well its ‘stuff’. In this respect, our Team at 360 Consulting has the knowledge, as well as a track record starting with the first Forex licenses back in 2006/7, and therefore simply identified Binary Options development since 2009/10, and the corresponding instrument category in the legislation (Cyprus, as well as Belize) that covered Binary Options & their operations (according to their characteristics and the parallel characteristics of their regulated peers).
Our clients (Brokers) that embraced the potential of obtaining the appropriate scalable license in advance via our services, found themselves in this obviously advantageous present position ahead of their competitors. Presently, the recognition received by other market professionals for our forward-looking advice & past articles lead to a considerable number of new applications we process for licensing in EU and Offshore.”
Finally, the development of regulated Binary Options business to come may prove to be particularly accelerated, well-informed, organized and efficient in comparison to the past development of regulated global Forex business.
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