CySEC broker update: BCFX license suspension extended

Today, the Cyprus Securities and Exchange Commission (CySEC) announced that BCFX license suspension extended. How can the suspension be redeemed?  

29 September, AtoZForex – The CySEC has reported that the license of Best Choice FBC Ltd (BCFX) remains to be suspended. Best Choice FBC is the Cyprus Investment firm, established in 2014. Originally, the regulators decided to suspend the license due to the alleged violations and non-compliance.

BCFX license suspension extended

The license suspension was extended today because of the non-compliance and alleged breach of section 28(1) of the law, non-compliance with the section 12, 13 and section 18(2) related to the protection of clients’ investments. The regulator suspended the license as it considered that the above-mentioned violations may jeopardize interests of customers as well as investors and overall capital market operations.

In order to remedy the suspension, Best Choice FBC has to take measures that would allow the brokerage to act in compliance with the necessary provisions. These actions have to be undertaken within a month. However, until the suspension is removed the broker can not engage in a business relationship with any individual, attract new clients or offer its services.

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According to the section 26(5), Best Choice FBC is not allowed to receive, transmit or carry out any orders from its customers for purchasing financial instruments. The brokerage can not provide any investment services neither in Cyprus nor outside Cyprus. It is also not authorized to advertise itself as an investment services provider.

Additionally, if existing customers ask the brokerage,  it has to close any open position in accordance with clients’ contracts. Furthermore, Best Choice FBC is obliged to give back all of their funds and money earned in case customers wish so.

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