The Cyprus Securities and Exchange Commission (CySEC) has announced that AJF Financial Services Ltd has renounced its CIF authorization. The investment services provider will have three months to satisfy its lapsed requisite obligations under CySEC or have its CIF license fully withdrawn.
AJF Financial Services Ltd provides a range of investment services including foreign exchange, contracts-for-difference, binary options, and other instruments. The group provides services via six brokerages under the following domains:
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The decision appears on Capitalpha.com’s website but not on the others at the time of writing. AJF Financial Services’ (Νumber 295/1) CIF authorization has lapsed as of September 21, 2017, and it will have a period of three months to settle its legal obligations to CySEC. Each domain with the exception of ondatrade.com is still currently live, though none are accepting new accounts during this period.
CySEC has sharpened its teeth over the past year in a bid to clamp down on loosely managed operations within its jurisdiction. By and large, its emphasis on improved transparency and increased regulatory scrutiny against brokers has been successful in helping investors.
CySEC’s latest action was instigated to help safeguard clients against improper market conduct. The group is on the clock to meet CySEC’s necessary obligations – failure to do so within a three month period will see the full withdrawal of its CIF authorization.
UPADTE: a previous version of this article has incorrectly stated that AJF’s license was renounced by CySEC.