Industry News, Broker Warnings And The Latest Shut-Downs

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Industry News, Broker Warnings And The Latest Shut-Downs

Regulation Hurts Binary Options As Much As It Helps

Revenue and profit continue to decline in the binary options industry. This is directly related to the global crack down on frauds, scams and unregulated, unlicensed brokers. The good news is that this means there are a lot less scams and fraud than there used to be, the bad news is that legit brokers are hurting from negative sentiment and causing a shortage of safe, trusted brokers for those of who want to trade. The latest news shows that SpotOption, the industries largest tech provider and sponsor of what used to hundreds of brands, is not immune.

According to a report in TheMarket, an Israeli based media outlet, citing insider information and a financial statement provided by accounting firm BDO, SpotOptions revenue grew marginally in 2020 but were hurt by numerous factors. Total 2020 revenue came in at $47.8 million USD, up roughly 25% from the year before, but bottom line profits shrank by a full 5%. Considering the fact that Israel, among some others, has banned the exportation, marketing and use of binary options we can only assume these numbers will worsen for the current year.

The South African Financial Services Board has joined the fight against binary options fraud, enacting regulation of the industry within its borders. To date, the regulator does not recognize licensing or regulation from foreign agencies which has resulted in a raft of warnings. The latest is against Stockpair.net. Stockpair.net is the Belize regulated arm of Stockpair.com, a CySEC regulated broker, and not licensed to operate with South African citizens.

Both Stockpair.com and Stockpair.net have received warnings in the past from Canadian and French regulators. In the case of Canada it is no surprise as binary options are not permitted within the country or any of its provinces. When it comes to warnings it is the most prolific issuer. Looking to the French warning cited by FinanceMagnates, it is against the .com version and dates back to 2020, before it became CySEC regulated. The South African FSB regulates under the Financial Advisory and Intermediary Services Act of 2002. South Africa is one of the worlds top ten capital markets and a long time target of the binary industry.

MagnumOptions, a long time operator and broker of dubious quality, has closed its doors. Rather, it had its doors closed for it. This is in response to repeated warnings from multiple regulators, and criminal actions taken by the UK’s FSA. The FSA has seized the assets of the broker and the business entity operating it. Hampshire Capital, successor of Solaris Capital, is a Bulgarian registered business entity accused of operating without a license, using aggressive and predatory marketing practices and aggravated fraud. The company is now in forced liquidation while authorities dig deeper into the scheme. Solaris Capital is also in provisional liquidation pending the outcome of the investigations.

Industry News, Broker Warnings And The Latest Shut-Downs

Regulation Hurts Binary Options As Much As It Helps

Revenue and profit continue to decline in the binary options industry. This is directly related to the global crack down on frauds, scams and unregulated, unlicensed brokers. The good news is that this means there are a lot less scams and fraud than there used to be, the bad news is that legit brokers are hurting from negative sentiment and causing a shortage of safe, trusted brokers for those of who want to trade. The latest news shows that SpotOption, the industries largest tech provider and sponsor of what used to hundreds of brands, is not immune.

According to a report in TheMarket, an Israeli based media outlet, citing insider information and a financial statement provided by accounting firm BDO, SpotOptions revenue grew marginally in 2020 but were hurt by numerous factors. Total 2020 revenue came in at $47.8 million USD, up roughly 25% from the year before, but bottom line profits shrank by a full 5%. Considering the fact that Israel, among some others, has banned the exportation, marketing and use of binary options we can only assume these numbers will worsen for the current year.

The South African Financial Services Board has joined the fight against binary options fraud, enacting regulation of the industry within its borders. To date, the regulator does not recognize licensing or regulation from foreign agencies which has resulted in a raft of warnings. The latest is against Stockpair.net. Stockpair.net is the Belize regulated arm of Stockpair.com, a CySEC regulated broker, and not licensed to operate with South African citizens.

Both Stockpair.com and Stockpair.net have received warnings in the past from Canadian and French regulators. In the case of Canada it is no surprise as binary options are not permitted within the country or any of its provinces. When it comes to warnings it is the most prolific issuer. Looking to the French warning cited by FinanceMagnates, it is against the .com version and dates back to 2020, before it became CySEC regulated. The South African FSB regulates under the Financial Advisory and Intermediary Services Act of 2002. South Africa is one of the worlds top ten capital markets and a long time target of the binary industry.

MagnumOptions, a long time operator and broker of dubious quality, has closed its doors. Rather, it had its doors closed for it. This is in response to repeated warnings from multiple regulators, and criminal actions taken by the UK’s FSA. The FSA has seized the assets of the broker and the business entity operating it. Hampshire Capital, successor of Solaris Capital, is a Bulgarian registered business entity accused of operating without a license, using aggressive and predatory marketing practices and aggravated fraud. The company is now in forced liquidation while authorities dig deeper into the scheme. Solaris Capital is also in provisional liquidation pending the outcome of the investigations.

INDIAN IT INDUSTRY

Coronavirus impact on economy to be like 2008 financial crisis: Former Infosys CFO Balakrishnan

“It’s (now) exactly like 2008 when everything got shut down over a period of time but again recovery then was in a V-shape because central banks and all got in and stabilised,” Balakrishnan said. “Now, central banks are helpless; interest rates are almost zero in most parts of the world. I think the pain is going to be similar to what we saw in 2008 and we don’t know how long this is going to last.”

11 Mar, 2020, 11:29AM IST

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US headed towards recession in the wake of coronavirus, but tech industry still optimist: Industry expert

Founder of Indiaspora, a platform t.

20 Mar, 2020, 07:01AM IST

Travel, tourism, hospitality need government support: IT veteran

“Lots of people dependent on taxi service are facing the impact because peop.

20 Mar, 2020, 11:15AM IST

How Indian IT service providers fought a two-pronged battle in March

They had to ensure that most employees worked from home and simultaneously achieve deliverables on projects for clients across geographies. As the new financial year starts however, they will be faced with a third and more uphill task.

How Indian IT is keeping lights on for global businesses

The scale of transitioning work from office to home is staggering for Indian IT.

How the tech industry is ensuring business continuity in the times of coronavirus

For the $190 billion IT services and BPO sector, Covid-19 poses the twin challenges of business continuity and business growth. Infosys on Saturday evacuated one of its buildings in Bengaluru as a precautionary measure after one of its employees came in contact with a suspected Covid-19 patient.

Indian Chamber of Commerce seeks sops for mining industry

In a statement issued on Friday, ICC requested the Finance minister to “allow deferring of payments of mining levies, namely Royalty and the contributions towards District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) for the period upto 30th June 2020 – for the next 3 months.”

The IT-BPO segment is bracing for the worst of Covid; but some might come out unscathed

After all, this segment has helped global corporations stay ahead of the curve and keep critical business functions running during various crises. But with Covid-19, the technology and business process management services sector is staring at a washout in travel, hospitality and aviation businesses, though it is expecting higher workflow from healthcare, pharma and insurance segments

Indian IT firms have over 1 lakh American employees

IT industry body Nasscom’s data on American employees – disclosed for the first time – shows that TCS has 20,000 such employees, Infosys 14,000, HCL 13,400, and Wipro 10,000. For all of them, these numbers are about 70% of their overall US employee strength (including those on visas).

DUBAI’S FINTECH INDUSTRY OFFERS MULTITUDE OF OPPORTUNITIES

As the UAE aspires to position itself as the world’s leading technology hub, Dubai’s appetite for innovation is growing at a rapid pace. So, it is not surpr.

Ready to help India to procure ventilators, but scaling-up production a challenge: China

A number of countries including the US and India, are trying to procure ventilators needed for hospitals to deal with the demand caused by the coronavirus outbreak. Chinese ventilator producers say it is not easy for them to ramp up production as they also needed imported components.

Covid-19: Revenue of Indian IT services companies could be hit, says report

The report said it has cut growth estimates across companies and the revised growth forecast stands at 3-8 per cent for 2020-21.

Covid-19 bugs Indian IT’s travel, hospitality clients

Analysts see big impact as travel and hospitality firms defer spending in new tech projects as well as bargain for lower prices in existing projects. IT services exporters, especially mid-tier firms, are going to be “hit hard” given their higher exposure to the vertical, analysts said.

Healthy outlook from US banks is good news for Indian IT

US banks, including Citibank, JP Morgan, Goldman Sachs, Wells Fargo and Bank of America have said they would continue to invest in technology to improve internal efficiencies and towards new products and services. Tech spending has been rising in largest and top regional banks in the US, and this has improved the contribution to incremental revenues and growth across Indian IT.

C Vijayakumar, CEO, HCL Technologies named chairman of World Economic Forum’s IT Governors Community

The Forum’s IT Governors community convenes CEOs of the world’s top information technology companies in order to help them responsibly shape the future of their industry. It acts as a platform for setting industry priorities, building shared understanding, and coordinating actions that lead to results.

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