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AirSoft Clarifies Regulatory Situation After CySEC Warning

by Avi Mizrahi
  • The Cyprus Securities and Exchange Commission does not regulate software providers at all.
AirSoft Clarifies Regulatory Situation After CySEC Warning
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The Cyprus Securities and Exchange Commission (CySEC ) 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 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

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 ) 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 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

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.

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