OptionRally, one of the big Cyprus-regulated binaries brokers, has suspended its 24/7 phone support and no one is picking up the customer service lines, reports the site Finance Magnates.
According to the site’s sources, the binaries broker has laid off 120 members of its support staff and is planning to shift to fully automated customer service. OptionRally replied to a Finance Magnates query on the matter and confirmed there is some reorganization going on, but said it will continue to deliver the best possible customer service.
Obviously, the binaries broker is by no means winding down its operations, judging by the partnership deal it reached in May with the Ferrari Formula 1 racing team.
According to its own website, OptionRally has more than 480 000 registered traders and offers trading on stocks, indices and commodities at various speeds, ranging from just 60 seconds.
The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC), which allows it to operate across the EU, but has ended up on warning lists in Japan and Australia for soliciting residents of those countries without having the proper local license.
Meanwhile, earlier today France’s regulator, the AMF, reported a spike in complaints against forex and binary options brokers. It is one of the main “crusaders” against the unregulated online trading and has recently called for a ban on advertising of online trading.