UK Insolvency Service announces two binary options firms placed in provisional liquidation

Maria Nikolova

The case against Right Corp Limited and Curve Point Limited is now subject to High Court action.

UK authorities continue their clampdown on binary options firms. Today, the UK Insolvency Service announced that two binary options firms – Right Corp Limited and Curve Point Limited, had been placed in provisional liquidation. The action follows an investigation by Company Investigations of the Insolvency Service.

The two companies operated a website which offered a binary options trading online platform to members of the public. The website presented binary options as being “the simplest form of trading”.

The role of the provisional liquidator, the official announcement explains, is to protect assets in the possession or under the control of the companies pending the determination of the petitions. The provisional liquidator also has the power to investigate the affairs of the companies insofar as it is necessary to protect assets including any third party, or trust monies, or assets in the possession of, or under the control of the companies.

It is understood that clients of these binary options firms have been contacted by individuals who are claiming to be acting on behalf of the “liquidator” of Right Corp Limited. These clients are told that if they were prepared to pay a further amount of money to the purported liquidator, they would be able to recover the sums that they had invested in the companies. Any individual contacted in this manner is advised not to make any such payment and to get in touch the Official Receiver.

The case is now subject to High Court action and no further information will be made available until petitions to wind up the companies are heard in the High Court on February 27, 2018.

Last month, the High Court wound up the firms behind binary options brand Magnum Options. The websites www.magnumoptions.eu and www.magnumoptions.com made numerous claims as to possible investment returns, with an 81% return rate per trade typically touted. There were 41 complaints made to the police against Magnum Options in the period February 2016 to March 2017, with customers reporting losses of more than £750,000.

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<