By Sums on Thursday,
TechFinancials informs an administrative penalty.
TechFinancials Inc. has issued an administrative penalty of € 10,000, after the supply of binary options trading in Italy.
Supplier of binary platform and operator TechFinancials Inc (LON: TECH), which is currently regulated by the Securities and Cyprus Stock Exchange (CySEC), recent time released the company was issued with a fine Italian financial regulator Commissione Nazionale per le Società e la Borsa (CONSOB). About TechFinancials informs an administrative penalty there was a risk that Consob could conclude that 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 in the absence of the required authorisations, and that the maximum penalty for such an offence for which the Company was severally liable was €500,000. The Company is pleased to announce that the administrative sanction procedure is now complete and that the Company is now liable for a total amount of €10,000.