CySEC Withdraws CIF Authorization of Bogofinance Capital Markets

Is Bogofinance Capital Markets a scam or reliable? Today, the CySEC announced that, at its meeting held on November 23, 2020, it decided to withdraw the CIF license of the firm.

December 2, 2020, | AtoZ Markets – The Cyprus Securities and Exchange Commission (CySEC) on Wednesday confirmed that it has wholly withdrawn the Cyprus Investment Firm (CIF) License of Bogofinance Capital Markets Ltd which holds the authorization number 321/17.

Bogofinance Capital Markets applied for voluntary CIF license renunciation

The Cypriot watchdog made it clear that Bogofinance's surrender of its CIF license is entirely voluntary. The company’s decision is not, however, related to any regulatory action by the CySEC. Although the regulator didn’t state why Bogofinance has decided to say goodbye to its CIF authorization, it has recently seen many regulated brokers opt to voluntarily surrender their license.

The company was authorized to offer, forex, commodities, metals, or indices CFDs services. The website of the company is still active at the time of writing this article. However, a visit to Bogofinance’s website now shows that it has rebranded to FXjet and the following message now reflects on the new site regarding the withdrawal of its CIF license.

CySEC no longer regulates FXJet, under the umbrella of Bogofinance Capital Markets. Hence, the company will not be able to provide financial services to Cypriot residents. Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints.
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WSFIS Global Opportunities Fund gives up CySEC CIF authorization

In a related development, Cyprus investment firm WSFIS Global Opportunities Fund Ltd has decided to give up its CySEC CIF authorization. CySEC also made this announcement today, December 2, 2020.

According to the Cypriot regulator, the withdrawal is in line with the company’s decision to renounce its authorization. The company’s decision is not, however, related to any regulatory action.

"Further to the above, the Company is dissolved and put into liquidation in accordance with the provisions of article 132 of the Law," CySEC announced.

Several firms have decided to renounce their CIF authorizations

In recent times, the CIF authorizations of a number of online trading firms have been withdrawn. In November 2019, for instance, CySEC withdrew the license of the investment firm AMFF Ltd. The withdrawal is due to the company’s decision to expressly renounce its CIF authorization.

As AtoZ Markets reported, CySEC decided to withdraw the CIF authorization of Postscriptum Capital Ltd. The regulatory move reflects the company’s decision to expressly renounce the authorization.

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