BuzzTrade CySEC CIF license renounced following a series of suspensions due to possible non-compliance. What now for AirFinance clients?
9 December, AtoZForex – Today, Cyprus Financial Regulator CySEC announces that the binary options operator Airfinance Pro Ltd renounced its CIF license. Also, Airfinance manages several binary options brokerages including BuzzTrade and Investing Area. Hence, daughter company’s BuzzTrade CySEC CIF license renounced as well.
Six months ago, CySEC announced the suspension of AirFrance license due to non-compliance. Afterward, the watchdog issued two announcements that the firm’s license suspension is extended.
BuzzTrade CySEC CIF license renounced
After CySEC suspended Airfinance’s license, the company may have had no choice but abandoning its CySEC license. The watchdog states that illegal violations by Airfinance may be dangerous to their clients’ interests. Additionally, it may endanger the investor interests or generally the regular operation of the capital market.
Moreover, the regulator states that the company has not been compliant with its reporting and filing obligations to CySEC. Also, the license is still suspended until now, requiring BuzzTrade to place a warning on its own website saying that its CIF license is suspended.
It is noted that, in accordance with section 25(4) of the Law, the Company remains under the supervision of the CySEC until it settles its obligations arising from the investment services that lapsed.
Why did CySEC suspend the license initially?
The initial decision about the license suspension was on 20 June 2016, where Airfinance Pro Ltd, and the brands under this name, such as BuzzTrade and Investing area, got their license suspended. The watchdog initially suspended the firm’s license for one month due to possible non-compliance.
On 29 July 2016, CySEC extended AirFrance’s license suspension until 16 September 2016. Within this period, the company had to take actions in order to comply with the provisions of the legislation.
Moreover, the watchdog announced on 30 September 2016 that the license suspension is extended again. Additionally, CySEC mentioned that the number of the suspended license is 206/13. Also, the decision about further suspension was taken at the meeting dated 26 September 2016.
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