CySEC Suspends CIF License of Several FX and Binary Options Brands

The Cyprus Financial regulator 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 has just informed the public that it handed down a suspension on the Cyprus Investment Firm (CIF) licenses of several 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 and binary options brokers, according to the decisions being made at the meeting dated March 13, 2017.

The Cyprus Securities and Exchange Commission (CySEC) has suspended the licenses of Gametech (Cyprus) Ltd, which operates the binaries/betting platform prooptions.com andthe binary options broker Dragon Options Ltd.

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CySEC imposed the punitive measures due to several alleged violations which may possibly endanger client/investor interests or more generally the regular operation of the capital market.

The aforementioned brokers now have ten days to take the necessary actions in order to comply with the specified provisions. During this time, they cannot provide any services or enter into a business relationship with any person and take on any new clients.

In addition, the brokers are not allowed to execute any orders from clients for buying financial instruments or provide any investment services in or outside of Cyprus.

Furthermore, the suspended firms are not permitted to advertise themselves as an investment services provider or have relating advertisements. They must also close all open positions in relation to clients’ contracts on their maturity date, or at an earlier date if the client so wishes, as well as return any funds and profits earned to existing clients.

CySEC also stipulates that any firm that has its licence suspended should mention on all its websites that its CIF licence has been suspended, which in this case, has yet to take effect.