CySec fined a binary options broker and a payment processor

OptionsBravoThe Cyprus Securities and Exchange Commission (CySec), which regulates binary options trading, has fined OptionsBravo and ChargeXP.

OptionsBravo is a binary options broker operated by Calpiaco Ltd. And the fine was given becasue it was operating without holding the necessary license. Howver CySec fined Calpiaco only 5000 euros, because it acknowledged that OptionsBravo closed its web site and is planning to get a license, that is why the fine was so small.

OptionsBravo was operating in 2012 a 2013 and is now closed. But it seems that the domain name is on sale, so they might not reopen in the near future.

The other fine that the Cyprus Securities and Exchange Commission annouced concerns ChargeXP, which is a payment service provider of many binary brokers and is not a broker in itself. They were chaged 10000 euros because of providing false or misleading statements and reports.

The fine could have been much bigger, but as ChargeXP corrected all the problems in July last year, they have to pay only this.

2 thoughts on “CySec fined a binary options broker and a payment processor

    1. Hi, yes, it is the correct page. But the there will never be all dishonest brokers. The first thing to do before opening an account is to check with the national financial authority in your country if the broker can offer services in your country.

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