The Cyprus Securities and Exchange Commission (CySEC) announced it has suspended the financial services provider license of the company Best Choice FBC, owner of the forex brokerage BCFX Broker.
According to the decision, taken on July 25 and announced on August 9, the reason is possible non-compliance with the conditions for the company authorization regarding client funds and shareholders. “The above decision was reached as the aforementioned alleged violations may possibly endanger the Company’s clients’ interests and generally the smooth operation of the capital market,” CySEC notes.
The regulator gives BCFX one month to take actions to comply with the requirements. Meanwhile, the broker cannot accept new clients, receive, transmit and execute orders from clients, provide financial services and advertise its activities. Furthermore, BCFX must, if its clients so wish, pay out back their funds and profits earned.
The company also must publish information that its license has been suspended. An SMN check revealed that it already did so, but the publication is not very noticeable.
Best Choice FBC is incorporated and headquartered in Cyprus. The brokerage offers trading in forex through demo and real accounts. Its main target are money managers and introducing broker partners. Judging by the posts on the broker’s Facebook page, it is mostly aimed at the Hungarian forex market.