AMFF, Parent of Three Defunct Binary Brands, Gives up CIF License

Cyprus-based brokerage AMFF Ltd has decided to give up its CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term CIF license. According to the regulator, the company’s decision is not related to any regulatory action and that AMFF Ltd’s license renounce is entirely voluntarily.

The company moved with this step by itself as the license is no longer necessary since the group decided last year to wind down the operations of its retail brokerage service. AMFF also abandoned its binary options business, which it had provided through three now-defunct domains www.faceoption.com, www.moneotrade.com, and www.chartoption.com.

Cyprus was actually ahead of the game when it came to regulating financial betting, including offering binary options to retail investors, mainly from other EU countries. Following the ESMA measures, however, there are no companies offering binary options products in Cyprus today. Some have simply shut down, and others opted to offer FX, CFDs, and related business instead.

A term to repay balances

While CySEC did not give any specific reason for its decision, the watchdog will continue overseeing the financial service company until it has taken care of its responsibilities arising from holding a license.

As of this date, AMFF Ltd is no longer licensed and regulated by CySEC. Further, the company will not be able to provide financial or ancillary services to Cypriot residents, according to the same CySEC announcement.

We understand that the regulator had given AMFF Ltd three months to settle its Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term arising from the investment services that also lapsed, during which time it remains under the Cypriot watchdog’s supervision.

Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. In addition, AMFF Ltd must provide a confirmation from its external auditor that it does not have any pending obligations and must include details of each of the company’s clients.