BuzzTrade, CFD Royal, Uptrade7 parent gets CySEC CIF license suspended for one month

Cyprus financial regulator CySEC has issued a note that it has suspended the CIF license of regulated binary options brokerage operator AirFinance Pro Ltd.

AirFinance operates a number of binary options brokerage brands including BuzzTrade, CFD Royal, Uptrade7 and Investing Area.

AirFinance used to be known as YTF Trade Limited.

The decision to suspend AirFinance’s CIF license was reached by CySEC due to the fact that the alleged violations by AirFinance may possibly endanger the clients’ interests or the investor interests or generally the regular operation of the capital market as the company has not been compliant with its reporting and filing obligation towards CySEC.

CySEC logoWithin one month the company has to take actions in order to comply with the aforementioned provisions. In the event that the company does not inform CySEC of its actions taken to comply, or not, with the above CySEC will automatically move to apply the procedure for the revocation of the Company’s authorisation.

While the suspension is in force, the company:

  • Cannot enter into a business relationship with any person and cannot take any new clients.
  • Cannot receive, transmit or execute any orders from clients for buying any financial instruments.
  • Cannot provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).
  • Cannot advertise itself as investment services provider and make advertising campaigns and announcements.
  • Must upload on all of its websites that its CIF license has been suspended.

The Company must, if existing clients so wish:

  • Close all open positions in relation to clients’ contracts on their maturity date or on an earlier date if a client so wishes.
  • Return to existing clients all of their funds and profits earned.

In the context of safeguarding the management of clients’ assets CySEC has called the Company to consider changing (or increasing) the bank signatories to the clients’ bank accounts.

To see the full note from CySEC click here.

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