The Cyprus Securities and Exchange Commission (CySEC) has decided to extend further the suspension of the license of the Cyprus investment company Atlas Capital Financial Services, operating the forex brokerage ACFX.
According to the official announcement, the CySEC board took the decision on May 16. The ACFX license was initially suspended in April, then the suspension was extended in the beginning of May. The measure was taken as the CySEC suspected the broker of non-compliance with the authorization requirements and gave it one month to make adequate arrangements to comply. Apparently it still hasn’t done so.
In the meantime Atlas Capital cannot conduct business operations, take new clients, take orders from clients for buying any financial instruments, provide other types of investment services, advertise itself as investment services provider and make advertising campaigns. The company is obliged to upload an announcement on its website that its license has been suspended and must, if its clients wish, close all their open positions and pay them back all their deposits and profits.
Meanwhile, media reports, quoting own sources in ACFX, claimed the majority of staff has been laid off with only a few people remaining to man the company office in Limassol.
ACFX offers trading in forex, metals, future and spot indices and stocks. It has partnership programs and several types of bonus programs. According to its website, the broker is regulated and authorized by CySEC and registered by UK’s Financial Conduct Authority (FCA).