CySEC (Cyprus Securities and Exchange Commission) has dealt a blow to Cedar Finance, a binary option service provider. The official press release is below (translated from Greek to English as best as we can.)
In previous announcements dated December 19, 2013 and February 21, 2014, the Commission announces that a meeting of dated June 16, 2014, decided to withdraw wholly authorization the Cyprus Investment Firm license number CIF 213/13, the company T.B.S.F. Best Strategy Finance Ltd (the Company) (www.cedarfinance.com), under Articles 25 (1) (b), (c) and 26 (4) (b) of the Investment Services and Activities and Regulated Markets Law (‘the Law’) because:
1. Fails to comply with Article 28 (1) of the Act as not complying with the conditions for authorization under Articles 12 (3) and 13 (2) of the Act.
2. Has committed a serious infringement of Article 26 (5) of the Act having provided services while its license was suspended (date of suspension of license on Dec. 19, 2013).
It is noted that the Company shall cease forthwith to provide investment and ancillary services and to settle within three months of its obligations arising from the investment and ancillary services may no longer be provided.
Cedar Finance will resume forward without a CIF license it looks like, or any regulation unless they decide to seek regulation elsewhere. Most likely, they will try to survive without.