CySEC has withdrawn the suspensions of CIF Licenses of TTCM Traders Trust and Leadtrade, following its decision on March, 31. What made CySEC to decide to withdraw the suspensions?
4 April, AtoZForex – The Cyprus Securities and Exchange Commission (CySEC) has decided to withdraw the license suspensions of Leadtrade Ltd, and TTCM Traders Trust Capital Markets Ltd.
CIF Licenses of TTCM Traders Trust and Leadtrade are no longer suspended
The Cypriot regulator has changed its mind over its last decision made on the 31st of March. That day, the CySEC has suspended the Cyprus Investment Firm (CIF) licenses of Leadtrade Ltd, and TTCM Traders Trust Capital Markets Ltd. Also, the CySEC stated that the license suspension of Traders Trust is based on the suspicions of alleged violations of:
1. Section 67 of the Law (Own funds)
2. Article 92(1) of the European Regulation No. 575/2013 (Capital adequacy ratio)
Moreover, the Cypriot watchdog has suspended the license of parent firm of TopOption. Moreover, the Binary Options brands below fall under the umbrella firm Lead Trade Ltd.:
- topoption.com
- prestigeoption.com
- excellenceoption.com
- platiniumoption.com
Furthermore, on the 31st if March, the Cypriot regulator has given the brokerages 10 days to comply with the requirements. 4 days later, the CySEC has withdrawn the suspensions of CIFs’ licenses. The official announcement of the regulator states that it withdrew the license suspension, due to the fact that:
“…the Company has already complied with the provisions of section 67 of the Law (Own funds) and of Article 92(1) of the European Regulation No. 575/2013 (Capital adequacy ratio).”
Specifically, note that the statement is applicable for both companies.
CySEC suspended a number of Binary Options Brokers’ licenses
Earlier last week, the Cypriot regulator also suspended the CIF licenses of other eleven binary options brands and domains. In all of the cases, the CySEC revealed that these firms have 10 days to take corrective measures to remedy the case. Meanwhile, the suspended firms cannot:
- Enter into a business relationship with any person and take upon any new client;
- Receive, transmit or executive any order from clients from buying any financial instruments;
- Provide/perform any investment services in Cyprus or outside Cyprus;
- Advertise itself as an investment services provider and should mention on all of its websites that its CIF license has been suspended.
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