Belize’s IFSC strips OptionRally binary options broker of license

Belize’s IFSC strips OptionRally binary options broker of license

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Belize’s regulator, the International Financial Services Commission (IFSC), has announced that the parent company of the binary options broker OptionRally – TCM Investments Ltd. has no longer a Belize license.

The reason, according to the IFSC, is non-compliance to some conditions of the annex attached to the license granted for trading in securities. Furthermore, TCM Investments was directed by the IFSC to cease and desist from engaging in the said unlicensed activities forthwith.

“All investors and other persons concerned are advised to take note and exercise caution”, the IFSC said.

OptionRally is in practice one of the many Israeli binary options brokers. In addition to the IFSC license, it has a license from the Cyprus Securities and Exchange Commission (CySEC), as  OptionRally Financial Services Ltd.

Since Israel prohibited the sale of binary options to Israeli residents last year, OptionRally has been trying to change its business model. Last summer media reported that it has terminated its 24/7 telephone support and has switched to automated services. Then word got out that the broker has shut down its Israeli customer service unit and has moved shop entirely to Cyprus.

OptionRally has also been in trouble with the regulators. It was fined by CySEC for violations of the conditions of its license, while Japan’s FSA, and the Ontario Securities Commission warned the broker is not authorized to operate in the respective jurisdictions.

 

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