Cyprus financial regulator CySEC has announced that the CIF license of social trading site Myfxbook.com has lapsed (CIF # 255/14).
Myfxbook had originally received a CIF license back in late 2014, when it was becoming apparent that European regulators were going to crack down on unlicensed social, copy, and autotrading websites, as well as ‘trading community’ websites where investment advice was being given or sought by retail traders.
Apparently that license was never actually activated by Myfxbook. CySEC indicated that the license actually formally lapsed back on October 30 of last year, as it was not used within 12 months from the date of its issue in late 2014. We’re not sure why CySEC waited until now to let us know, perhaps they gave Myfxbook a silent extension to use the license beyond the one year regulatory time frame.
The announcement by CySEC can be seen here.