Do not invest more money than you can afford to lose.
The Cyprus Securities and Exchange Commission (CySEC) announced it has renounced the authorization of Starfish Markets, owner of the New Zealand-based forex broker Starfish FX.
The Cyprus Investment Firm (CIF) license of the broker has lapsed on September 30. According to the Cyprus regulator, the decision was taken in accordance with section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007: “24.-(1) A CIF authorisation will lapse in the following circumstances: (b) where a CIF expressly renounces the authorisation.”
Starfish FX obtained its Cyprus license in December 2015, but obviously did not activate it. In March CySEC warned the broker is providing financial services, without authorization.
Starfish FX is based in New Zealand and is part of the Financial Services Complaints Ltd. (FSCL), an independent New Zealand not-for-profit external dispute resolution (EDR). The broker offers trading of 250 forex and binary options instruments to both retail and institutional clients and is focused on the Asian markets.
The broker has a license from Vanuatu, which expires in September 2017.
In April the broker became member of the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization.
