Myfxbook‎ Renounces CySEC CIF License

Myfxbook, an automated analytical tool and social trading network, has had its Cyprus ‎Investment Firm (CIF) license revoked by 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), as it was not used within twelve months from the date of its issue, according to ‎a recent regulatory filing.‎

As of October 30th, 2015, and pursuant to section 24(1)(a) of the Investment Services ‎and Activities and Regulated Markets Law of 2007, the CIF authorisation of ‎‎"Myfxbook Ltd" with number 255/14 has lapsed. ‎

Myfxbook is an online automated analytical tool for 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 trading and a social forex ‎community enabling its users to track, ‎compare, analyze and share their trading activity, currently supporting over 100 brokers and most popular platforms. In 2014, the forex community ‎portal obtained its CIF license from CySEC, under a new entity called ‎Myfxbook Europe Ltd. The licensing, which followed a trend of social platform providers to operate regulated ‎entities themselves, included “portfolio management” and “reception and transmission of ‎orders”, which are required for the company to provide its social trading services.‎

The move was considered a precautionary measure after the UK Financial Conduct ‎Authority (FCA) reported that it is looking for ways to regulate trade leaders as financial advisers.‎

Seems Forgotten

According to CySEC rules and regulations, if an authorized CIF firm does not start ‎providing investment services within 12 months of the date of its CIF issuance, then ‎its license lapses automatically. Although the lapse is an ‘automatic’ step and is not a ‎disciplinary action, the Cypriot watchdog announced the updated regulatory status of Myfxbook ‎only on July 7^th, 2016, i.e. after nearly 8 months.‎

Finance Magnates reported earlier in Febraury when Myfxbook launched its ‎new forex rebate service, called PAYBACKFX, which helps securely back all withdrawals, whilst ‎redistributing rebates garnered from trades via brokers. The fundamental aim of the new service was to ‎foster support between traders and Myfxbook, which will help offer the most transparent and timely ‎withdrawals. ‎