Following a previous announcement by the Cyprus Securities and Exchange Commission (CySEC), the Cypriot financial watchdog has issued a further statement today announcing that the authorisation of the Cyprus Investment Firm (CIF) AirFinance Pro Ltd will continue to be suspended until 16th September, 2016.
As reported by Finance Magnates in June 2016, AirFinance Pro Ltd, formerly known as YTF Trade Ltd, has been the operator behind a number of binary options brands including Buzztrade, CFD Royal, Investing Area and Uptrade7.
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The licence of the company was suspended on that date on the grounds of possible non-compliance with the regulatory framework in Cyprus and that the alleged violations by AirFinance may endanger the clients’ interests.
Onboarding of new clients prohibited
While the licence of AirFinance remains suspended the company cannot provide any services, pursuant to the relevant section of the law.
AirFinance must also, if existing clients wish, close all open positions in relation to clients’ contracts on or before their maturity date and return any funds and profits earned.