The Cyprus Securities and Exchange Commission (CySec) has today announced that, on its meeting of 16 March 2015, pursuant, to sections 25(1)(b) and 26(4)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, it decided to wholly withdraw the Cyprus Investment Firm authorization with number CIF 095/08 of Pulp International Business Ltd.
This decision has been made following the suspension of the license in February this year, following which the firm was provided with a 10 day period in which to comply with CySec rulings. At the time, the firm was ordered to return client funds and trading profits.
The revocation of the license came about due to the company, which trades under the name of FxPulp, having not complied with section 18(2)(j) of the Law and paragraphs 18 and 20 of the Directive DI144-2007-01 of 2012, in relation to clients’ funds, as well as section 18(2)(h) of the Law and section 58(a) of The Prevention and Suppression of Money Laundering Activities Law, in relation to the procedures followed for the prevention of money laundering.
FxPulp must now cease to provide 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.
It is noted 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 of the Company with the relevant legislative provisions and to satisfy its clients, which did not conclude. The Company’s other shareholder is Mr Shaher Hasanain.
For the official announcement fron CySec, click here.