CySEC Withdrew License of Forex4group Operator Stocks Forex AF
- The broker has renounced its license as it is gone into liquidation.
The Cypriot financial regulator, CySEC, announced on Thursday about its decision to withdraw the Cyprus Investment Firm (CIF) license of Stocks 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 AF Ltd, the company that operated the Forex4group brand.
The regulatory decision was taken following the request of the company to renounce its CIF license as it has entered liquidation. In a notice published on its website, the company highlights that it has returned all client funds.
“Stocks Forex AF has voluntarily asked for the renunciation of its brokerage license after returning all funds to the clients. The company is currently looking at the liquidation process,” the company website noted.
Stocks Forex AF Ltd received its CIF license in 2015 and was offering forex and CFDs trading services, as well as targeting the Spanish-speaking region.
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) decided to withdraw the license earlier this month under the Investment Services and Activities and Regulated Markets Law.
CySEC’s Strict Stance
Earlier this week, the Cypriot regulator took back the operational license of troubled Rodeler Ltd, which operated 24Option. Similar to Stocks Forex AF, Rodeler renounced its CIF license, but the company faced severe regulatory backlash across Europe.
Rodeler settled with the Cypriot regulator last year paying a penalty of €280,000 following a temporary suspension of its license for its breaches in compliance in the UK. In addition, the brokerage platform was banned in various European countries.
Meanwhile, CySEC revealed in two consecutive reports that it found several compliance breaches in regulated companies’ compliance, some as severe lapses in mandatory AML/CFT measures. Furthermore, the regulator is imposing fines on many companies for possible compliance violations.
The Cypriot financial regulator, CySEC, announced on Thursday about its decision to withdraw the Cyprus Investment Firm (CIF) license of Stocks 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 AF Ltd, the company that operated the Forex4group brand.
The regulatory decision was taken following the request of the company to renounce its CIF license as it has entered liquidation. In a notice published on its website, the company highlights that it has returned all client funds.
“Stocks Forex AF has voluntarily asked for the renunciation of its brokerage license after returning all funds to the clients. The company is currently looking at the liquidation process,” the company website noted.
Stocks Forex AF Ltd received its CIF license in 2015 and was offering forex and CFDs trading services, as well as targeting the Spanish-speaking region.
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) decided to withdraw the license earlier this month under the Investment Services and Activities and Regulated Markets Law.
CySEC’s Strict Stance
Earlier this week, the Cypriot regulator took back the operational license of troubled Rodeler Ltd, which operated 24Option. Similar to Stocks Forex AF, Rodeler renounced its CIF license, but the company faced severe regulatory backlash across Europe.
Rodeler settled with the Cypriot regulator last year paying a penalty of €280,000 following a temporary suspension of its license for its breaches in compliance in the UK. In addition, the brokerage platform was banned in various European countries.
Meanwhile, CySEC revealed in two consecutive reports that it found several compliance breaches in regulated companies’ compliance, some as severe lapses in mandatory AML/CFT measures. Furthermore, the regulator is imposing fines on many companies for possible compliance violations.