This is the second warning in less than a month that the Cypriot regulator issues against Fundsaver Services Ltd, the previous warning being addressed against a Forex brand it operates – ubroker.
CySEC warns of binary options broker 500option (aka Fundsaver Services)
The Cyprus Securities and Exchange Commission (CySEC) today issued its second warning against Fundsaver Services Ltd, this time referring to its binary options brand 500option.com (www.500option.com).
The regulator notes that the company is not allowed to provide investment and ancillary services in Cyprus, pursuant to Investment Services and Activities and Regulated Markets Law, as it has never been authorized by the Commission.
CySEC adds that no notification has been received by a competent authority of another Member State, pursuant to sections 77 and 80 of the above mentioned Law.
Earlier this month, CySEC published a warning against Fundsaver Services Ltd, referring to ubroker, a Forex brokerage that is not licensed by the Cypriot authorities either. The UK’s Financial Conduct Authority has also alerted the public that the Forex brokerage is unauthorized to offer investment services to UK residents.
To view the official warning from CySEC, click here.
David Hobart
David Hobart is Managing Director of FinAffiliates Limited, the UK media group behind LeapRate, AskTraders and a network of more than 30 financial and trading titles published across several languages and regulated markets. He writes on the commercial side of the industry: broker marketing, client acquisition, affiliate strategy and the editorial standards that hold it together. He is based in North Norfolk.
