Option888 and TradoVest and Veltyco

The Austrian Financial Market Authority (FMA) issued an investor warning against CELESTIAL TRADING LTD a few days ago because the company operates a brokerage business via the website and does not have the necessary license for this. The company will probably have no problem with this because it is often confronted with these investor warnings and regularly ignores them. The company also operates the website and the German Financial Market Authority (BaFin) and also the Austrian FMA issued warnings against this website and demanded the distortion of business operations.

Option888 was until a few months ago specialized in Binary Options and belongs to the sphere of influence of the public-listed UK company VELTYCO GROUP PLC around the German entrepreneur Uwe LENHOFF and his ALTAIR ENTERTAINMENT E.V. Until March 2018 Option888 was operated by CAPITAL FORCE LTD and ALTAIR ENTERTAINMENT N.V. Another VELTYCO-related company, PAYICIF LTD, organized the payment services. In December 2016, the two companies received a warning from the Italian financial market regulator CONSOB and ignored it. On March 23, 2018, the German Federal Financial Supervisory Authority (BaFin) issued a cease and desist order:

BaFin has informed Capital Force Ltd – commonly known as “Option888” – headquartered in Apia, Samoa, on March 21, 2018, to immediately cease and immediately desist the unauthorized financial business.

The BaFin decree was apparently taken seriously. Shortly thereafter, CAPITAL FORCE LTD and ALTAIR ENTERTAINMENT N.V. were replaced by CELESTIAL TRADING LTD as operator of the website. The very CELESTIAL TRADING LTD that has now been cautioned by the FMA for the operation of TradoVest.

Option888, TradoVest and many other pages are the remnants of the “Binary Options Era”. The Binary Options have been banned in Israel, Europe, and other countries or qualified as a regulated business. At the height of the epoch, hundreds of websites were online and an estimated $5 to $10 billion of investor money was moved each year. A significant proportion of the operators were involved in fraudulent activities and cheated investors out of their money, according to Israeli authorities. Now, these operators are looking for new business areas in the area of CFD, FX or crypto. And are constantly warned by the supervisory authorities. And ignore these warnings and orders regularly.