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Cyprus authorities intend to deprive another broker license

Boursotrade brands Customers, BoursePro BourseBinary and may require closing of positions, and return on investment.

Another OTC broker angered Cypriot financial regulator and may finally lose its license by the Cyprus Commission for the Securities and Exchange Commission (CySEC) if, within a month will not correct these violations. License CC Boursotrade Ltd. suspended, and customers can request their money back.

Thus, the regulator CySEC published today the report on the suspension of the license number 235 / 14 issued earlier Boursotrade, brokerage group, which also includes BoursePro and BourseBinary brands. And if the first Forex broker is little known to the Russian-speaking traders, the BoursePro site includes Russian language version. BourseBinary site is not currently running, but the company has gained before including the Russian-speaking staff, and the targeted region of Western and Eastern Europe.

The license is located in Cyprus Boursotrade company has been suspended due to repeated violations of the law and, according to the regulator, the company's activity is likely to harm, as well as by customers and capital market as a whole.

The regulator stressed that violations on the three specified articles should be eliminated within one month, but until that moment: the company is forbidden to enter into business with anyone, especially to accept new customers; The company can not accept from clients requests for execution and purchase of any financial instrument; It can not offer its investment services both in Cyprus and abroad (including third countries); can not advertise its activities and must post on the site a warning about the suspension of a CIF (a Cypriot financial company) license; must, at the request of the client, close all of its positions and return all of its funds, including accumulated profits, if any.

Note that the example of the negative outcome of the situation can serve as the recent decision by CySEC finally select the license of Atlas Capital Financial Services Ltd, which was unable to justify himself before any control nor to its customers.

A source: Forex Magnates

Author: Vadim Sviderski

Tags: Cyprus, Economy, Exchange