When writing on the bankruptcy of ioption earlier in the year, in mid-November, we promised to keep an eye on the story and keep you up to date with any developments. For those who might have missed this one, a quick reminder that Ioption filed for bankruptcy just days after it became a regulated broker through CySEC. Although the company had been facing problems, this bankruptcy came as a shock for many, as it meant the company’s employees were sacked, the company’s affiliates went unpaid and the company’s customers feared of losing all the money they had entrusted the broker with.
The new development that has grabbed our attention is an announcement posted on the ioption website, which states the following: “The Company does not accept any new clients nor any new accounts nor any new funding of existing accounts. The Company shall Cease the provision of all and every financial service(s) by 31/12/2013. All client funds are being duly returned via the Company's normal withdrawal process.”
Binaryoptionswire.com contacted the company in an attempt to ask for some clarifications but they declined to offer any comment further to the content of their announcement. In our view, ioption admitting its existence coming to an end, is too little, too late as many days have lapsed since the beginning of this saga and the company ought to have had a more professional and transparent attitude and should have provided its customers and affiliates with accurate and clear information as to its standing.
As ioption will be a thing of the past for ever in just a few days time, we are very much interested in knowing whether the part of their announcement which refers to client funds being returned via the normal withdrawal process is true and valid. This is of particular importance as it will be revealing for the regulator CySEC as well, indicating whether the clients’ money was deposited in separate, secure accounts and that the failing of the company will not mean that customers automatically lost their funds. If you are an ex ioption account holder and your funds have been reimbursed or not, please share your experience with us and other traders either through posting a comment under this article or posting on our community forum.
Here at binaryoptionswire.com we believe that you and us are partners in the quest for the truth and reliable information in the world of forex and binary options trading, so any contribution you might have on this or any other story will be greatly appreciated and will be very useful for other traders out there as well.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.