The Cyprus Securities and Exchange Commission (CySEC) Board announced it has decided to extend further the suspension of the license of AirFinance Pro – the parent of the binary options brokers BuzzTrade and Uptrade7 and several other websites offering various financial services, including Investing Area and CFDroyal.
This is the second time the CySEC extends the suspension, after the initial decision in June over suspicions of of non-compliance with regulation and operation requirements, particularly reporting and filing obligations. The watchdog was concerned those violations might harm the interests of the company’s clients and investors or the general regular operation of the capital market.
The suspension was extended in the end of July and was valid until mid-September.
This is the second extension announcement on Thursday after in the morning CySEC announced it is extending the license suspension of BCFX Broker. Previous experience shows that CySEC does not have unlimited patience and a repeated extension of the suspension is usually followed by permanent termination of the license. A case in point is Trademarker – the parent company of the forex broker SkyFX and the binary options broker Capital Option, which lost its license in May. Recently CySEC appointed a liquidator.
Another example is the owner of the forex brokers ACFX and Crown FX – AtlasCapital Financial Services, which also recently lost its license.