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(“TechFinancials” or the “Company”)
B.O.TradeFinancials fined by CySEC
TechFinancials (AIM: TECH), a leading technology provider to financial trading brokers, announces that its subsidiary, B.O.TradeFinancials, which is regulated by the Cyprus Securities and Exchange Commission (“CySEC”) has been fined by the Commission for the amount of 138,000 Euros. The fine was disclosed as a contingent liability in the preliminary results for the year ended 31 December 2015, announced on 26 May 2016, and relates to certain regulatory breaches. The Company has implemented measures to ensure these breaches do not recur and expect to have fully implemented any necessary corrective actions by 5 September 2016, as required by CySEC.
The Company does not anticipate that the fine will have a material impact on the results for the current financial year and still expects to meet market expectations.
For further information:
|TechFinancials, Inc.||Tel: +972 54 5233 943|
|Asaf Lahav, Group Chief Executive Officer|
|Yuval Tovias, Chief Financial Officer|
|Grant Thornton UK LLP (Nominated Adviser)||Tel: +44 (0) 20 7383 5100|
|Colin Aaronson / Samantha Harrison / Seamus Fricker|
|Northland Capital Partners Limited (Broker)||Tel: +44 (0) 20 3861 6625|
|David Hignell / Rob Rees|
|NEX Corporate Adviser and Joint Broker Peterhouse Corporate Finance||Tel: +44 (0) 20 7469 0930|
|Fungai Ndoro / Eran Zucker|
|Yellow Jersey PR Limited (Media Relations)||Tel: +44 (0) 7748 843 871|
|Charles Goodwin / Felicity Winkles|
TechFinancials plc (AIM: TECH) is a leading proprietary software solutions company for online brokers delivering services for retail traders in binary options and other instruments. The Group operates a B2B division which provides software solutions for binary options brokers. TechFinancials also operates a B2C division in which it has an agreement with IBID, a company specialising in developing high growth online solutions, to grow one of the Company’s existing B2C binary options trading brands. The Group has a second partnership in place with Optionfortune, a B2C binary options trading platform registered in Hong Kong.
TechFinancials listed on AIM in March 2015 to facilitate its expansion in the fast growing global binary options market which is expected to increase to c. $20bn in trade volume by 2016, double that of 2014 at c. $10bn (FinanceMagnates). A major part of the Group’s strategy is to increase its share in existing markets and to penetrate emerging and regulated markets with high growth potential. As part of this, the Company recently announced the opening of a Hong Kong office to focus on the Asia Pacific region and signed an agreement with Optionfortune, to run a new B2C binary options trading platform, which also provides TechFinancials with exposure to this region.
Further information can be found at http://techfinancials.com.