FXpulp license suspension continues

4 March, AtoZForex.com, Lagos — On February 18, 2015, we reported that the Cyprus securities and exchange commission issued a statement, wherein it addressed the situation of the forex firm; FxPulp. In this concise statement, it is explained that the license of the financial services company behind the FxPulp brand (Pulp international Business Ltd) has been suspended.

The reason for this decision was due to suspicion of violating two peculiar counts, namely on the operational requirements regarding Clients’ funds and the extensive suppression of money laundering law, enacted in 2007.

The regulators recently released a statement regarding the suspension, stating that pursuant to section 26(5) of the Law, fxpulp’s license is to stay suspended and is therefore not authorized to carry out routine business services in Cyprus, as FXpulp license suspension continues.

CySEC statementSource- CySEC official statement

The company violated section 18(2)(j) of the Investment Services and Activities and Regulated Markets Law (Operational requirements – Clients’ funds’), as well as breaches of Part VI of the Directive DI144-2007-01 of 2012, which concerns the safeguarding of client funds.

When visiting the website of the company at www.fxpulp.com, the landing page immediately brings the client’s attention to the ongoing suspension from CySEC. Questioning if this temporary ban will be resolved anytime soon or will it be of permanent nature?

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