The Financial Commission (FinaCom PLC) today announced that it has approved Deriv.com and its associated brand Binary.com to obtain its membership status, becoming the 47th and 48th brokers to join the ranks of the self-regulatory organization.
Binary.com, which rebranded last months as Deriv.com, is a multi-asset brokerage firm that offers trading of binary options, FX, indices, CFDs, and commodities.
The company operates its business within the EU through Binary Investments (Europe) Ltd, which is regulated in Malta as a Category 3 Investment Services provider.
Outside the EU, Deriv’s financial products are offered by different brands authorized by regulators in St. Vincent and the Grenadines, Vanuatu, Labuan and the British Virgin Islands.
“Deriv.com, previously known as Binary.com, is an online trading service provider with over 20 years of experience in the industry. Its clients can trade over 100 assets composed of currency pairs, stock indices, commodities, and synthetic indices on 4 trading platforms: DTrader, SmartTrader, DBot, and Deriv MetaTrader 5 (DMT5),” the FinaCom states.
In addition to a more streamlined and swift resolution process, relative to traditional channels of arbitration, the status of Deriv.com and Binary.com as an A-category Member provides clients with up to €20,000 of protection per submitted claim, backed by Financial Commission’s compensation fund.
According to its latest annual report, the self-regulator made progress across some of its key business drivers. Specifically, the number of new complaints rose seven percent year-over-year as a record $7.4 million sought by traders in 2019, up from $3,184,932 in 2018.
Likewise, the number of resolved complaints in “clients favor” increased 17 percent to 179, up from 153 the previous year. The commission also ruled in favor of its broker members in 451 cases it assessed, up from 373 in 2018.