What happened? IceTrader shuts down and CySEC license renounced!


Glistentree Holdings Ltd has renounced its Cyprus Investment Firm license, and website of IceTrader shuts down following the CySEC official announcement. What happened?

18 October, AtoZForex The Cyprus Securities and Exchange Commission (CySEC) has confirmed the information about the multi-asset brokerage firm, operating under the name Glistentree Holdings Ltd in regards of the renouncement of its Cyprus Investment Firm (CIF) License as of 10th of October 2016.

IceTrader shuts down?

The company was operating online via www.icetrader.com and had the CIF license 257/14 with the Registration Number 322566. Also, Glistentree Holdings Ltd had its registered offices at the address at Modestou Panteli, 4, Mesa Geitonia, 4003, Limassol, Cyprus and was offering various trading services across Forex, CFDs and commodities markets.

As of today, the brokerage company is no longer registered with CySEC and possesses no CySEC license. Moreover, Glistentree Holdings Ltd is from now on prohibited to provide the financial or ancillary services across the Cyprus region.

In addition, the Cypriot watchdog has given the brokerage firm a three-month period to settle its obligations stemming from the investment services that have failed. During this period the brokerage firm remains under the CySEC supervision.

What now for Icetrader?

As from the regulator's side, the CySEC stated it will seek the best solution for the IceTrader's clients, particularly:

- the firm is obliged to return all the funds to its clients and handle all of the clients' complaints

- the firm must provide the CySEC with a letter from its external auditor that it does not have any pending obligations in relation to the provision of any services after all the necessary actions are taken

- the firm's external auditor's letter must include the details on each of the company's client.

The firm is already executing changes

AtoZForex tried to access the Glistentree Holdings Ltd website and found out that the firm is already implementing a series of changes in relation to the CIF license renouncement. The firm had posted an announcement on its website that it’s no longer operational. The announcement further highlights:

“Glistentree Holdings Ltd has recently renounced its Cyprus Investment Firm license and no longer offers investment services.”

As the website of IceTrader shuts down, the brokerage firm asks the clients to contact them in case if they still did not withdraw their funds and wish to do so.

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