Following previous announcement, the Cyprus Securities and Exchange Commission has announces that the authorisation of the Cyprus Investment Firm AirFinance Pro Ltd (operating a number of binary options brokerage brands including BuzzTrade, CFD Royal, Uptrade7 and Investing Area), with number 206/13, will continue as suspended until September 16, 2016, pursuant to section 26(3) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the Law).
Within the aforementioned time period, AirFinance has to take actions in order to comply with the provisions of the legislation.
While the suspension of the authorisation is in force, AirFinance:
1. Cannot provide any services, pursuant to section 26(5) of the Law.
2. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law,:
2.1. Close all open positions in relation to clients’ contracts on their maturity date, or on an earlier date if the client so wishes.
2.2. Return to existing clients their funds and profits earned.