Myfxbook‎ Renounces CySEC CIF License

Myfxbook is no longer regulated by CySEC since it has ‎not used its CIF license for more than a year.

Myfxbook, an automated analytical tool and social trading network, has had its Cyprus ‎Investment Firm (CIF) license revoked by the Cyprus Securities and Exchange Commission ‎‎(CySEC), as it was not used within twelve months from the date of its issue, according to ‎a recent regulatory filing.‎

As of October 30th, 2015, and pursuant to section 24(1)(a) of the Investment Services ‎and Activities and Regulated Markets Law of 2007, the CIF authorisation of ‎‎”Myfxbook Ltd” with number 255/14 has lapsed. ‎

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Myfxbook is an online automated analytical tool for forex trading and a social forex ‎community enabling its users to track, ‎compare, analyze and share their trading activity, currently supporting over 100 brokers and most popular platforms. In 2014, the forex community ‎portal obtained its CIF license from CySEC, under a new entity called ‎Myfxbook Europe Ltd. The licensing, which followed a trend of social platform providers to operate regulated ‎entities themselves, included “portfolio management” and “reception and transmission of ‎orders”, which are required for the company to provide its social trading services.‎

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The move was considered a precautionary measure after the UK Financial Conduct ‎Authority (FCA) reported that it is looking for ways to regulate trade leaders as financial advisers.‎

Seems Forgotten

According to CySEC rules and regulations, if an authorized CIF firm does not start ‎providing investment services within 12 months of the date of its CIF issuance, then ‎its license lapses automatically. Although the lapse is an ‘automatic’ step and is not a ‎disciplinary action, the Cypriot watchdog announced the updated regulatory status of Myfxbook ‎only on July 7th, 2016, i.e. after nearly 8 months.‎

Finance Magnates reported earlier in Febraury when Myfxbook launched its ‎new forex rebate service, called PAYBACKFX, which helps securely back all withdrawals, whilst ‎redistributing rebates garnered from trades via brokers. The fundamental aim of the new service was to ‎foster support between traders and Myfxbook, which will help offer the most transparent and timely ‎withdrawals. ‎

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