The Cyprus Securities and Exchange Commission (CySEC ) today announced that it has extended the suspension of the Cypriot Investment Firm (CIF) licence of Best Choice FBC Ltd and initiated proceedings for its withdrawal.
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Best Choice FBC, an online Forex brokerage which operates under the URL https://bcfxbroker.com/, initally had its licence suspended back in August after violating certain aspects of the law relating to the protection of clients’ funds.
Violations
CySEC reached its decision as the alleged violations were deemed to endanger the company’s clients’ interests and the smooth operation of the capital market.
In September, CySEC announced that it had extended the suspension due to continuing suspicions of possible non-compliance.
Best Choice FBC’s CIF authorisation will now remain suspended until CySEC decides whether or not to withdraw the relevant authorisation.
Conditions
While the suspension of the authorisation is in force, the brokerage cannot provide any services or enter into a business relationship with any person and take on any new clients.
In addition, it cannot receive, transmit and execute any orders from clients for buying financial instruments or provide any investment services in or outside Cyprus.
The brokerage is also not permitted to advertise itself as an investment services provider and have any relating advertisements and is required to mentioned on all of its websites that its CIF licence has been suspended.
Accordingly, a glance at Best Choice FBC's website continues to reveal the message "Important Announcement: Our Licence Has Been Suspended".
Finally, the brokerage must, in line with clients' wishes, close any open positions in relation to clients’ contracts on or before their maturity date and return to existing clients all funds and profits earned.
As far as opening a new account is concerned, this function is now disabled on BCFX's website and it is also evident that the brokerage has vacated its existing premises.
