18 February, AtoZForex.com, Lagos — It is stated on the FxPulp’s website that: “Pulp International Business Ltd “FxPulp” is regulated and licensed by The Cyprus Securities and Exchange Commission (CySEC), under license reference: 095/08.”
Today, the Cyprus securities and exchange commission issued a statement addressing the situation with the forex firm; FxPulp; explaining that the financial services company license of the entity behind the FxPulp brand (Pulp international Business Ltd) has been suspended.
Defiance of operations code of conduct
The decision to suspend the firm’s license is pursuant to section 26(2) of the Investment Services & Activities, and the Regulated Markets Law. The official announcement was made in a meeting held on February 16, as the regulator believe that the FX firm defied the code of conduct of operations.
FxPulp looses CySEC license temporarily and the reason for the decision is based on suspicions of violating two particularly counts of the the law, which are highlighted below;
1. Operational requirements – Clients’ funds and Safeguarding of clients’ funds.
2. Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007.
Suspension is for the period of 10 days until FXPulp corrects its violations. During the period of suspension, FxPulp does not have relevant authorisation to provide services on its CySEC license, except relying on its CIF license, therefore it is inevitable for the firm to close all open client orders.
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