FxPulp's Brokerage License Terminated by Cyprus Financial Watchdog

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) has announced today that, on its meeting of 16 March 2015, it was decided to wholly withdraw the Cyprus Investment Firm (CIF) authorization from Pulp International Business Ltd, (FxPulp).

The regulator explains this was done due to the company’s non-compliance with two sections of the law relating to clients’ funds and to procedures followed for the prevention of money laundering.

CySEC demands that the company should cease providing investment and ancillary services and settle, within a period of three months, its obligations arising from the services that are no longer allowed to provide or perform.

The broker's website indeed now seems to no longer be open to new clients - it only contains a simple text message informing clients that, starting from 2nd of April 2015, FxPulp will receive all inquiries only via e-mail.

It is also noted in today's announcement that CySEC was in communication with the person who effectively directed the company (‘4-eye’) and major shareholder, Mr. Said Salem, in an attempt to achieve compliance from FxPulp with the relevant legislative provisions and to satisfy its clients, which did not conclude. The company’s other shareholder is Mr. Shaher Hasanain.

Back in 2009, it was reported about an alleged connection between FxPulp and the infamous Swiss brokerage Crown Forex. At the time FxPulp was just starting its Cypriot operations. Crown 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, was a Swiss forex broker which was shut down by FINMA due to a number of irregularities. The case went to court which decided to liquidate the company.