Binary options broker BuzzTrade renounces Cyprus CIF license

Binary options broker BuzzTrade renounces Cyprus CIF license

CySEC Cyprus

The Cyprus Securities and Exchange Commission (CySEC) said on Friday binary options brokerage Airfinance Pro Ltd. has renounced its Cyprus Investment Firm (CIF) license and is no longer a Cyprus-authorized entity. The company operates via the websites www.ytftradeltd.com, www.investing-area.com, www.buzztrade.com, www.binaryroyal.com, and www.cfdroyal.com.

The renouncement is into effect as of 9 November, 2016. Within the next three months, the company has to settle its obligations related to the lapsed license. During that time, it will continue to be under the supervision of the Cypriot watchdog.

The change has already been reflected on the regulator’s website as being suspended (see image below). The broker’s license was suspended over suspicions of non-compliance with regulational and operational requirements, including reporting and filing obligations. The suspension was later expanded twice. .

airfinance-pro-cysec-license

The websites ytftradeltd.com, binaryroyal.com and cfdroyal.com are no longer operational, while the other two websites (investing-area.com and buzztrade.com) do not indicate that the company is no longer CySEC licensed. However, on its group website, www.airfinancepro.com, the brokerage admits that the Cypriot watchdog suspended its CIF license in June this year.

air-finance-pro-website

As a EU member, Cyprus requires all financial entities to hold a license by the relevant authorities in the country or any other member state in order to provide financial or ancillary services.

The CySEC licenses, supervises, and regulates players on the local capital market. Its managing board consists of five members, each one of which serves a term of five years. Cyprus is one of very few conuntries where binary option brokers can obtain a license. In most other jurisdictions such instruments are either nonregulated or forbidden altogether.

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