Starfish Markets CIF license not yet activated: CySEC


Cyprus financial regulator CySEC has issued a reminder that the CIF license held by retail forex and binary options brokers Starfish Markets has not yet been activated. Starfish’s CIF license was granted last December 18.

Starfish Markets is a registered New Zealand company controlled by Malaysian national and now Chinese resident Choon Keit Wong.

CySEC’s reminder noted that before its license activation the company cannot provide any investment services to clients, and cannot obtain or receive client money.

CySEC also stated that complaints have been received alleging that Starfish FX has already begun operating, and that it is investigating the facts before it. CySEC will provide an update on its  investigation upon conclusion.

Last July we had reported that CySEC has amended the procedures for activation of CIF licenses, also making a point to indicate that not all companies (such as Starfish FX) which have received a CIF license have actually activated the license. Activation requires, among other things, an on-site office inspection by CySEC officials. The regulator will be checking details about the office, the staff, as well as client accounts, domains, contracts, etc. Depending on the results from such inspections, CySEC will decide whether to activate or not a given CIF license.

CySEC’s note on Starfish Markets can be seen here.

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Starfish Markets CIF license not yet activated: CySEC

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