Binary platform provider and operator TechFinancials Inc (LON:TECH) today provided an update on a procedure started by Italy’s regulator Commissione Nazionale per le Società e la Borsa (Consob) over the offering of binary options trading services by the company in Italy.
Earlier this year TechFinancials said it was subject to an administrative sanction procedure launched by the Consumer Protection Division of Consob. The regulator was investigating whether the company, prior to the authorisation of its subsidiary company, B.O. TradeFinancials Limited, as a regulated broker under the Cyprus Securities and Exchange Commission, provided investment services and activities in Italy while lacking the necessary authorisations.
Back then the company stated that the maximum penalty for such an offence could be €500,000 ($543,420).
TechFinancials announced today the administrative sanction procedure is complete and that the company is now liable for a total amount of €10,000.
Information about B.O. Tradefinancials Ltd from CySEC’s website.
To view the filing with the London Stock Exchange, click here.