In the most recent news TechFinancials, the once proud parent of 24Options, has decided to leave binary options altogether. In doing so it has sold off its last remaining binary option brand Option Fair to an entity called S Win Holdings.
This move is only a mild surprise as the company has been plagued by the same issues facing the entire binary options industry; tightening regulation and the binary option technology of scams. The company has sent messages to all of its clients informing them of the need to change their subscription services to alternate trading facilities or else terminate.
This means that in the coming months all those white label binary options brokers that have been plaguing the market with scams and fraud are going to disappear, or turn to some other type of trading. This move is truly shocking as SpotOption has been dominating the market for more than 5 years and will no now longer participate.
The real question though is this, what brokers will be left? The unfortunate fact is that it will be very difficult for the SEC to know who of the 4, clients to give the money too, binary option technology how much they should get.
The fines were due in part to outrageous claims of profits used to lure in traders who later experienced heavy losses.
What does this mean for us traders? Less white label scams, fewer brokers to choose from but perhaps a higher quality broker in the end.
And then there is cryptocurrency which I think the future of trading. Top Brokers.