RoboOption was put on hold as RoboForex focused its efforts on trading FX and CFDs.
RoboForex decided to restructure its business, as the company decided to stop working with RoboOption binary options. The firm has decided to concentrate its efforts on currency exchange and the CFDs market, with a stake in CFDs expected in the coming months.
RoboOption was the brand name of the Cyprus Securities and Exchange Commission (CySEC), regulated by RoboForex (CY) Ltd. The offer of binary options from this company was completely controlled and focused on the market, which is currently fully regulated by CySEC and other offices.
Other offers of RoboForex remain unchanged, and the firm will work on some other projects as well.
At this stage, we see market prospects in the development of trading in securities in stocks and currencies.
Anton Ivanov, Business Development Manager of the RoboForoex Group, admitted in an interview:
Some brokers feel uncomfortable with such a policy of CySEC, which forced Cyprus Investment Firms (CIFs) to close their call centers and change their sales models, but the reason for the closure of RoboOption was different.
Recent CySEC rulings did not affect our decision
In his comments on the issue, Ivanov said: “The recent decisions of the Commission did not affect our decision. We worked in full compliance with all requirements and regulations of CySEC. The Company has obeyed and will continue to comply with all rules and regulations. The closure of the project occurred for economic reasons, and our desire to optimize the use of human resources to maintain our services.”
When asked if work in the field of binary options is being considered in the future, he replied: “Business consolidation is a natural process that takes place in all areas. However, it is too early to talk about consolidation with the binary options market. There are numerous brokers whose business models are different and who do not adhere to clear rules and regulations. Nevertheless, the process of consolidation has already begun and will continue.”
Tagged with: News of binary options brokers
