The Cyprus Securities and Exchange Commission (CySEC ) today announced a decision that it made on March 28th, 2016, to revoke the license of Falcon Brokers Ltd, citing the failure of the Cypriot investment firm (CIF) to comply with applicable CIF rules required to maintain its license status. The news follows after CySEC had already extended the suspension of its license as reported by Finance Magnates at the end of 2015, and after clients experienced issues with funding as explained in the original suspension notice last September.
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The circular cited article 18 that relates to the organizational requirements of client funds and emphasized that the company must cease to provide investment and ancillary services, and arrange within three months its related obligations to this end.
CySEC requires that Falcon Broker remove and delete any of its reference to being regulated by CySEC from its websites and materials, according to the update which cited the url new.falconbrokers.com.
Several years ago Finance Magnates interviewed a member of the firm's senior management on Swiss financial television while attending an event in Geneva, alongside additional interviews during that time. The company's website lists that its license is suspended until December 31st, and calls to the Cyprus phone number on its website returned a message indicating that the number is no longer in service.
