CySEC suspends license of BuzzTrade, Uptrade7 parent, threatens with automatic authorization revocation

CySEC suspends license of BuzzTrade, Uptrade7 parent, threatens with automatic authorization revocation

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The Cyprus Securities and Exchange Commission (CySEC) announced it has suspended the license of Air Finance Pro (formerly known as YTF Trade Limited), owner of the BuzzTrade and Uptrade7 binaries brokers and several other websites offering various financial services, including Investing Area and CFDroyal.

CySEC took the decision on June 17 due to suspicions of non-compliance with regulation and operation requirements, namely reporting and filing obligations. This, according to the watchdog, may endanger the interests of the company’s clients and investors or the general regular operation of the capital market.

Air Finance Pro has one month to comply with the requirements. In case it doesn’t or fails to inform the regulator on the measures it is taking, CySEC will move forward and will automatically apply the procedure for revocation of the company’s authorization.

While the suspension lasts, the company cannot take any new clients, receive, transmit or execute orders from clients, provide any investment services in Cyprus or abroad and advertise itself as an investment services provider. Air Finance Pro must also close all open positions and return all profits and funds, if the clients so wish.

Furthermore, the company must upload on all of its websites information that its license has been suspended. An SMN check revealed that on June 20, it still hasn’t done so – neither on Air Finance Pro’s site, nor on the sites of BuzzTrade and Uptrade7.

 

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License suspension and revocation are measures often applied by CySEC. Only in the past few months the regulator has suspended the license of ASFX and has extended the penalty several times, and has revoked the license of Falcon Brokers and Trademarker.

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