iOption is the first of the premier Binary Options brokers to go out ofbusiness. Over the last few years there has been a large proliferationof Binary Options brokers to hit the online trading universe. There arecurrently over 200 Binary brokers to choose from. Of the many brokersthere are several large players that have dominated the paying field.
Of late many of the smaller brokers have begun to close their doors orhave been bought out by some of the larger brokers.
iOption had always been one of the stronger brokers offering servicesin over 13 languages. They refused to do business in the USrecognizing the questionable legality of Binary Options tradingsolicitation of US customers. They were one of the first brokers toreceive a CySEC trading license making them regulated throughout theEU. They always had an excellent track record in terms of customer and affiliate payments.
iOption Notifies Employees That Business Will Close Immediately
In October 2013, for the first time, iOption customers began tocomplain about withdrawals. This was only a hint of what was to comeonly a few weeks later. On Friday November 8, 2013 iOption seniormanagement notified employees that operations would cease immediately. They were to arrive Sunday to meet with company legalrepresentatives. It is unclear at this point whether October payroll willbe met or if current account holders with get their money.
There have been rumors that another large Broker was in negotiationsto buy iOption. This would provide a solution for the depositors andallow the iOption site to continue functioning.
If this consolidation does take place it would be the first among the bigBinary players, but probably not the last.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.