Forex technology solutions provider Leverate is seeking to sell its binary options platform BX8 along with clients that use it, financial news provider LeapRate reported on Thursday, citing unnamed industry sources. This means that the company will no longer support binary options products.
The company is still providing BX8 support for brokers who use it, but it is no longer offering it to clients. If the platform attracts no buyers, Leverate might just discontinue it, according to the media. Instead, Leverate is focusing on its other products that generate better client signups and earnings.
The move is part of Leverate’s ongoing business restructuring. In early 2015, the company got a new management team and a new look in the future. In end-December shareholders of the company co-launched a start-up retail brokerage called LegacyFX that operated under the Cyprus license of Leverate Financial Services. In May this year, however, the broker shut down after just a few months of operation.
BX8 was launched in January 2014. It combines binary options trading with social trading. The platform was released at a time when binary options were a popular trading instrument. Recently, however, they have been under the attack of many regulators since they find it risky and loss-making. Worldwide, regulators have been active in issuing warnings against binaries brokers either because they are non-regulated or because they act suspiciously and represent high risk for investors and their funds. Just now, Belgium and France both banned e-advertising on risky financial products, binary options included.
Leverate is a technology provider of forex brokerage solutions based in Cyprus. It has offices in Tel Aviv, Limassol, Hong Kong, Kiev, Shanghai, and Berlin. In addition to BX8, the company also offers a forex trading platforms Sirix, as well as a social trading platform integrated into Sirix.