The Cyprus financial regulator, CySEC has taken measures against another Cyprus Investment Firm (CIF). This time Forex broker, Boursotrade CySEC License suspended due to management failures. What’s next for the Boursotrade Group?
20 March, AtoZForex – The Cyprus Securities and Exchange Commission (CySEC) has been constantly on toes to ensure the proper functioning of the financial markets. Previous week, we have informed AtoZForex.com readers about two vital activities of CySEC.
One, regarding the Cyrpus regulator's decision to broaden brokers’ bonus ban. Secondly, the Cyprus regulator decided to withdraw the CIF license of Atlas Capital Financial Services (ACFX) after over a year of temporary suspensions. Now, we have learned that the Cypriot watchdog temporarily suspended the CIF license of the Forex and binary options brokerage group Boursotrade Limited.
Boursotrade CySEC License suspended due to management
The Cyprus financial regulator suspends the CIF license of the Forex and binary options industry key player, Boursotrade Ltd. The Boursotrade group consists out of several brands, including the Forex Broker brand BoursePro and the binary options broker BourseBinary. CySEC suspended Boursotrade's Cyprus Investment Firm (CIF) license, alleging the group of being non-compliant with:
1. Persons who effectively direct the business of a CIF;
2. Capital adequacy ratio (CAR).
Furthermore, CySEC clarifies that this decision was taken in the company’s clients’ interests. As, the alleged violations can pose a threat to the operations of the Forex market in Cyprus. Below you can read the full CySEC Decision on Boursotrade’s CIF license suspension:
What’s next for the Boursotrade Group?
Now, Boursotrade group has one month time to take actions, in order to become compliant with the above-mentioned provisions. Meanwhile, as per the regulator statement, the company cannot take on any new clients. Also the CIF is not allowed to receive, execute, or transmit any orders from the clients.
Last but not least, Boursotrade cannot advertise itself as an investment services provider in or outside Cyprus. In addition, the Cyprus regulator instructs the company to mention on all of its websites about the suspension of its CIF license.
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