An update to LeapRate’s article from February 18, 2015… The Cyprus Securities and Exchange Commission (CySEC) today extended the suspension of the license of Pulp International Business Ltd, the company which owns the FxPulp brand.
On March 2, 2015, the Board of Directors of the regulator decided to keep the license of the Forex broker, which offers its services from https://www.fxpulp.com, suspended.
The measures against the company reflect violations of section 18(2)(j) of the Investment Services and Activities and Regulated Markets Law (Operational requirements – Clients’ funds’), as well as breaches of Part VI of the Directive DI144-2007-01 of 2012, which concerns the safeguarding of client funds.
The decision of the watchdog dated February 18, 2015 had given 10 days to the broker to tackle the problems. Obviously the company failed to do so and now its license remains frozen.
During the period of authorization suspension, FXPulp is prohibited from offering any services covered by its CIF license. Currently the website of the broker warns its clients about the restrictions on the business.
The official announcement by CySEC on the continued suspension of FXPulp’s license can be viewed here.