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The operator of binary options brokerage brand of TechFinancials, OptionFair has been fined by the Cyprus Securities and Exchange Commission (CySEC). The amount of the penalty against B.O. Tradefinancials Ltd is €138,000. As stated by CySEC, the fine is related to multiple compliance issues.
In its announcement, the CySEC highlights a €3,000 fine for failure to apply appropriate policies and procedures to ensure sufficient compliance with some procedural regulatory requirements. A further € 20,000 are added for failure to take reasonable steps to avoid undue additional operational risk in outsourcing activities to third parties.
According to the watchdog, the company has not ... (read more)