The Cyprus Securities and Exchange Commission (CySEC) has been rather active in voicing its concerns about binary options brokers that claim to be authorized by it but in fact are not.
After warning of unauthorized binary options broker EveryOption this morning, the Cypriot regulator issued a warning against another binary options broker – Option500.The latter offers its services via www.option500.com and claims to have been regulated by CySEC for 10 years.
CySEC notes that Option500 is not permitted to provide investment and ancillary services in Cyprus, under the Investment Services and Activities and Regulated Markets Law, as this company has never been authorized by the Commission.
The Cypriot regulator urges investors, before choosing a company whose client to become, to consult the designated page on its website about authorized Cyprus Investment Firms. Perhaps it is useful to mention that binary options brokers are regulated as CIFs in Cyprus.
Below is a screenshot of Option500’s website, claiming that the company is regulated by CySEC.
To view the full text of the warning against Option500, click here.