FFAJ Reports Continued Decline in Binary Options OTC Retail Trading

The percentage of payments on binary options has decreased. All Announcements | Aquis

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    Financial Results The Group's revenues for the year ended 31 December decreased by Revenues in the core B2B software licencing business decreased on standalone basis by The decrease was mainly due to the termination of the previous software license agreement with our largest customer and the increasingly tight regulation in the industry.

    The B2C trading platform revenues decreased by Gross profit decreased by B2B margins increased from We have achieved savings in research and development expenditure partly by transferring staff to Ukraine where costs are lower, whilst other operating expenses, including selling and marketing and administrative costs, decreased broadly in line with the decrease in revenues.

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    In the US market, the Company has been developing a trading solution for the Introducing Broker product which would allow TechFinancials' licensees, including the Group's own brands, to operate in a fully regulated environment through the Cantor Exchange, a US regulated retail-focused binary options exchange owned by Cantor Fitzgerald.

    Cantor has tried to reach a broader range of retail customers via different initiatives including with major binary option players like 24option.

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    However, these initiatives generated low trading volumes that resulted in minimal revenues to TechFinancials and failed to justify the expenses related to keeping the market making activity solution developed by TechFinancials. In Japan we have also been developing a regulated solution. However, we have been unable to source brokers in Japan to license the regulated platform partly due to high costs of obtaining a Japanese Financial Services Agency license.

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    The lower costs of operating in Asia have also contributed to maintaining profitability. A majority of the Group's profits have not been taxable as the profits generated by DragonFinancials are sourced from the Seychelles and are not subject to tax.