TechFinancials terminates joint venture over alleged breach of terms

Financial trading technology provider TechFinancials announced on Wednesday that after entering into a joint venture agreement with IBID Holdings to manage one of the company's B2C binary options trading brands in February, it is terminating the agreement due to what it says is a breach by the partner.

The AIM-traded company said it is considering legal action against the partner for violations, which include but are not limited to failure to transfer the initial investment amount.

“Importantly, the company confirms that the termination of the agreement will have no material impact on the results for the current financial year and that trading of both its B2B and B2C divisions remains in line with market expectations,” TechFinancials’ board said in a statement.