Leadtrade ltd, which is the company under which there are multiple binary options brands no longer has their license as a Cyprus Investment Firm (CIF). This decision was made after several rounds of suspensions and suspension withdrawals on the account of breaking CySEC regulatory rules.
The first time Leadtrade got their suspension from CySEC, it was done over a violation that refers to a lack of funds and supposedly inadequate Capital Adequacy Ratio. The first infraction happened in March of this year. However, this decision was retracted after just a couple of days after it was established that Leadtrade had complied with all of the necessary provisions. This resulted in the lifting of the suspension and Leadtrade was able to get back to work in full capacity.
Nonetheless, the good times did not last for very long. In late April of 2017, this brokerage firm had their license revoked once again. This happened at the same time as multiple of their sites blacked out and there was a general cessation of their trading with all the brands that are in their ownership. Leadtrade had several domains that were active and offering services focused on investment: www.leadtradeltd.com, www.topoption.com, www.excellenceoption.com, www.prestigeoption.com, www.platiniumoption.com, www.optionsclick.com.
Some of the aforementioned sites had ceased with all of their operations and services even as early as May 1, 2017. Options Click is one of the domains that has been inactive for several weeks at least.
CySEC made an official statement regarding these events and according to it, it seems that Leadtrade has failed to comply with the requirements made by SySEC which needed to be done in a 10 day period. These requirements were once again revolving around the Capital Adequacy Ratio which was Leadtrade’s original issue.
As things now stand, Leadtrade will be given a period of 3 months in order to comply with all of the regulations needed, and in addition, they need to address all client complaints in the same time frame. This will certainly not be an easy period for this brokerage firm which will stay under CySEC supervision until the revisions are made.