CySEC Withdraws License of Best Choice FBC as Owner Lacks “Good ‎Repute”‎

The Cyprus Securities and Exchange Commission (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a variety of different functions, which includes the supervision Read this Term) confirmed on Monday that it has wholly withdrawn the Cyprus Investment Firm (CIF) License of Best Choice FBC Ltd, which holds the authorization number 234/14.

This is not a surprise, as Best Choice FBC Ltd, which is an online Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokerage operating under the URL https://bcfxbroker.com, has already been suspended several times.

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As reported in 2016, the brand was initially flagged for non-compliance and had its license temporarily suspended by CySEC following several allegations of multiple violations. The watchdog then extended the firm’s suspension in August, followed by a further extension in September 2016.

Finance Magnates also reported on Best Choice FBC in 2015 when the company acquired the retail business of the Finish forex broker FinFX.

According to the CySEC regulatory manifest, Best Choice FBC Ltd has had its CIF license withdrawn because of an alleged violation of section 12 (persons who effectively direct the business of a CIF). The regulator previously said that the company's authorization was suspended due to suspicions of non-compliance with section 13 (CIF shareholders) and section 18(2)(j) of the law, relating to the protection of client funds.

CySEC explained that Mr. Gyorgy Miterli, sole shareholder and non-executive director of the company, is not suitable to ensure the sound and prudent management of Best Choice.

A visit to the Best Choice FBC website now shows the following message. However, this has yet to be updated to reflect the final withdrawal of its CIF license.

As of this date, Best Choice FBC is no longer licensed or regulated by CySEC and cannot provide financial or ancillary services. The regulator gave the broker three months from that date to settle its obligations 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, Best Choice FBC 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, according to the same CySEC announcement.