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Funny: CySEC Fined Suspended Binary Options Perpetrator Novox With €100!

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The CySEC board informed that it imposed an administrative fine of €100 on Novox Capital Ltd since it did not successfully submit the QST-CIF Form to CySEC for the first quarter of the year 2022 within the set deadline, as required by Circular C497 of CySEC. Effective October 1, 2022, former binary options broker Novox Capital has voluntarily suspended due to acquisition and restructuring. The website is offline.

Novox Capital was a financial services company in Cyprus controlled by three Israelis, Israel Bash, Shay Hillel, and Yehoram Hillel. This broker and platform operator was a huge fish back then in the fraudulent binary options industry.

In January 2016, Novox Capital officially operated the five binary options schemes, OptionBit, OptionStars, OptionMerchants, STXoptions, and ZoomTraderGlobal (in 2015, ZoomTrader). Later in 2016, RoyalPIP was also included in this list of its regulated platforms. Since late 2014 those schemes have received investor warnings from financial regulators in different jurisdictions in North America and Europe. In December 2016, for example, the Canadian British Columbia Securities Commission (BCSC) warned against Novox Capital and its schemes OptionStars and OptionStarsGlobal. Other warnings were issued by regulators in the UK, France, Germany, Austria, or Belgium.

Numerous compliance violations resulted in regulatory penalties time and again. This was also the case at the beginning of 2018 when the CySEC imposed a total fine of €175,000.

Novox Capital and its beneficial owners had a close business relationship with cybercriminal masterminds such as Uwe Lenhoff. In 2016, Novox Capital signed a marketing and revenue-sharing deal with Lenhoff’s Veltyco Group regarding the binary options platform ZoomtraderGlobal.

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We would like to know more about the activities of Novox and its people. If you have any information, please let us know via our whistleblower system, Whistle42.

CategoriesCySEC

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