OptionBit Parent Company Novox Capital Fined by CySEC

[kreslik.news]

The Cyprus Securities and Exchange Commission (CySEC) published a communique announcing a new administrative fine that the regulator has imposed on the parent company of binary options broker OptionBit.

Novox Capital has to pay a €175,000 fine, with CySEC citing multiple violations that caused it to initiate the administrative action. The biggest count on which the brokerage was fined amounted to €70,000 for providing investment advice and portfolio management services without having the appropriate authorization.

OptionBit’s parent company was also fined €10,000 for failing to keep the entire service life of the requirement for authorization. According to CySEC, the firm did not ... (read more)