The Cyprus Securities and Exchange Commission (CySEC) announced it’s board decided to extend the suspension of the license of the forex broker UBFS Invest powered by Moneychoice Brokers Ltd.
As we reported earlier, the broker’s license was initially suspended this May for not complying with the authorization requirements in their part regarding the broker’s own funds, which appeared to be less than the minimum capital requirements. Another problem seemed to be the inadequate handling of client funds. Back then UBFS Invest had one month to take care of the problems and comply with the requirements.
It appears, however that it did not do so, as towards the end of June the CySEC extended the suspension by another 30 days.
During the suspension period, the broker cannot accept new clients, execute orders, advertise its services and must pay back the clients their deposits and profits, if they so wish. Also, UBFS invest must display on its website information about the suspension.