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18.03.2017 - 12: 08

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.

Регулятор подчеркнул, что нарушения, по трем указанным статьям, должны быть устранены в течение одного месяца, а до того момента: компании запрещается вступать с кем-либо в деловые отношения, тем более принимать новых клиентов; компания не может принимать от клиентов заявки на исполнение и покупку любого финансового инструмента; не может предлагать свои инвестиционные услуги как на Кипре так и за рубежом (включая третьи страны); не может рекламировать свою деятельность и обязана разместить на сайте предупреждение о приостановке лицензии CIF (кипрской финансовой компании); обязана, по требованию клиента, закрыть все его позиции и вернуть все его средства, включая накопленную прибыль, если таковая имеется.

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