AirSoft Clarifies Regulatory Situation After CySEC Warning
- The Cyprus Securities and Exchange Commission does not regulate software providers at all.
The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has today issued a notice to investors concerning Airsoft. AirSoft is a full-service brokerage technology developer with offices in Cyprus and Hong Kong offering binary options, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for difference (CFDs) trading capabilities for brokers.
The warning says that, according to the information presented on its website Airsoft is a software provider and it is regulated by CySEC, however the commission does not regulate software provider entities. Also, "the company is not authorized to provide investment and ancillary services in the Republic (Cyprus) and it is not regulated by the Commission. Therefore, references in advertising messages in the internet and the website of the company that it is regulated by the Commission are completely unfounded and misleading."
Shay Benhamou, CEO, Airsoft Ltd
This warning caused the firm to change the way it describes its regulatory offering on its website, as Shay Benhamou, AirSoft CEO, explained to Finance Magnates: "Airsoft Ltd has an exclusive agreement with Cyprus Investment Firm AirFinancePro (CIF #206/13). Due to this agreement AirSoft can offer closely selected clients that go through full due diligence process on our part the ability to operate as a regulated entity under Cysec laws. We have amended the wording on our site to better reflect this relationship."
In November, AirSoft rolled out a front-end software update that includes new user interface features, needed due what it describes as its continued growth in client base in 2015.
The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has today issued a notice to investors concerning Airsoft. AirSoft is a full-service brokerage technology developer with offices in Cyprus and Hong Kong offering binary options, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for difference (CFDs) trading capabilities for brokers.
The warning says that, according to the information presented on its website Airsoft is a software provider and it is regulated by CySEC, however the commission does not regulate software provider entities. Also, "the company is not authorized to provide investment and ancillary services in the Republic (Cyprus) and it is not regulated by the Commission. Therefore, references in advertising messages in the internet and the website of the company that it is regulated by the Commission are completely unfounded and misleading."
Shay Benhamou, CEO, Airsoft Ltd
This warning caused the firm to change the way it describes its regulatory offering on its website, as Shay Benhamou, AirSoft CEO, explained to Finance Magnates: "Airsoft Ltd has an exclusive agreement with Cyprus Investment Firm AirFinancePro (CIF #206/13). Due to this agreement AirSoft can offer closely selected clients that go through full due diligence process on our part the ability to operate as a regulated entity under Cysec laws. We have amended the wording on our site to better reflect this relationship."
In November, AirSoft rolled out a front-end software update that includes new user interface features, needed due what it describes as its continued growth in client base in 2015.