The exit of regulated Binary Options brokers from Cyprus continues.
The Cyprus Securities and Exchange Commission (CySEC) announced that, on 28th April 2017, the CIF Leadtrade Ltd, which provided investment services via the domains
- www.leadtradeltd.com,
- www.topoption.com,
- www.excellenceoption.com,
- www.prestigeoption.com,
- www.platiniumoption.com,
- www.optionsclick.com,
renounced its authorisation, pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’).
Therefore, the CIF authorisation with Νumber 296/16 lapsed as from the abovementioned date.
Leadtrade Ltd is obliged to settle within a period of three (3) months, pursuant to section 24(3) of the Law, its obligations arising from the investment services that lapsed, including any clients’ complaints.
It is noted that, in accordance with section 25(4) of the Law, the Company remains under the supervision of the CySEC until it settles its obligations arising from the investment services or/and activities that lapsed.
Leadtrade had its license suspended for lack of funds back in March, alongside several other CySEC licensed Binary Options companies, but had the license restored in April.
Leadtrade had bought the TopOption brand from Teddy Sagi’s Playtech in 2016, when Playtech PLC (LON:PTEC) decided to exit Binary Options and focus instead on its Markets.com Forex and CFD brand.
Looks like Leadtrade has effectively shut down TopOption and some of its other brands (message on webpages says: “Dear Clients, We wish to inform you that as of 1st of May 2017 our Company has ceased all its operations and activities.”), but it it still operating Excellence Option.