IceTrader Says Goodbye to its CySEC CIF License

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) confirmed on Tuesday that multi-asset brokerage Glistentree Holdings Ltd has renounced its Cyprus Investment Firm (CIF) License, as of 10 October 2016.

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Glistentree Holdings, operating via the domain www.icetrader.com, is regulated under license 257/14 and Registration Number 322566 with registered offices at Modestou Panteli, 4, Mesa Geitonia, 4003, Limassol, Cyprus. The broker offers trading services across 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, commodities and CFDs markets.

As of this date, the brokerage firm is no longer licensed and regulated by CySEC and cannot provide financial or ancillary services. The regulator gave IceTrader three months from that date to settle its obligations arising from the investment services that also lapsed, during which time it remains under the Cypriot watchdog’s supervision.

Finance Magnates visited the broker’s website and it seems that IceTrader has already proceeded with changes in its website to remove any references regarding authorization and supervision of the company by CySEC.

Although CySEC didn’t clearly state why IceTrader has decided to say goodbye to its Cypriot License, according to the regulatory notice, the company’s proposed new shareholder was Danny Rothman (or Daniel Rubinstein), who CySEC fined €100,000 earlier in September because he submitted misleading information regarding his academic qualifications and economic soundness.

Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. In addition, IceTrader must provide a confirmation from its external auditor that it does not have any pending obligations and must include details on each of the company’s clients, according to the same CySEC announcement.