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Screenshot of a breaking news alert e-mail from Q2 2017
Cypriot financial markets regulator CySec has today announced that it has withdrawn the Cyprus Investment Firm (CIF) license of Pulp International Business Ltd, the company which operates as FxPulp.
According to the announcement on the matter by CySec, FxPulp’s license has been suspended pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law, on the basis of an alleged violation of section 18(2)(j) of the aforementioned law, ‘Operational requirements – Clients’ funds’, and Part VI of the Directive DI144-2007-01 of 2012, which relates to the safeguarding of clients’ funds.
The regulator also lists flaws in the firm’s anti-money laundering procedure, and as a result of all of these matters, the firm has been provided with a 10 days in order to take the appropriate actions to comply with the aforementioned provisions.
During the period of suspension, FxPulp cannot provide services otherwise mandated by its CIF license and must close all open positions in relations to clients’ positions, as well as any of its own, on their maturity date or earlier should a client request such.
The brokerage must also return existing client funds and any profits earned by clients during the period of suspension.
For the official announcement from CySec, click here.