CySEC suspends Forex Broker Traders Trust license


CySEC suspends Forex Broker Traders Trust CIF authorization license on 31 March. Hence, they are barred from entering into the business relationship with any person.

31 March, AtoZForex – CySEC suspends the CIF authorization license of Forex Broker Traders Trust on 31 March 2017. Traders-Trust is a forex broker, offering online trading in currency pairs, CFDs’ and precious metals. TTCM Traders Trust Capital Markets Limited holds over the CIF license number 107/09. Moreover, the Forex broker operates and owns the following brands and domains:

  • www.traders-trust.com
  • www.tradingforex.com
  • www.ttcmpartners.com
  • www.ttcminvestment.com
  • www.alumnuscapital.com

CySEC suspends Forex Broker Traders Trust

CySEC unveiled 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)

Also, I have reached out to TTCM. Their spokesperson informed me that at this given moment the brokerage is not ready yet to provide an official comment in regards to the CIF license suspension order. TTCM’s management still needs to deal with the case internally as well as well with CySEC, before any updates can be made public.

cysec-ttcm

According to CySEC's decision, TTCM has 10 days to take corrective measures to become compliant again. While broker's license is suspended, they are not allowed to enter into a business relationship with any person. TTCM cannot receive, transmit or execute any orders from clients for buying any financial instruments. Also, the broker cannot provide nor perform any investment services in Cyprus or outside Cyprus (in member states and third countries).

Furthermore, TTCM Traders Trust Capital Markets Limited cannot advertise themselves as investment services providers. Last but not least, the broker should mention on all of its websites that CySEC suspended its CIF license.

CySEC suspends a raft of Binary Options Brokers

TTCM Traders Trust Capital Markets Limited was not the only broker that CySEC suspended today. We have learned that the Cypriot regulator also suspended the CIF licenses of twelve binary options brands and domains. We have covered in a separate article these brokers, where you will be able to find an overview of the binary options brokers license suspensions.

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