CySEC Quick to Suspend TBSF CedarFinance.com After One Month of Registration

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) has today posted a communication suspending TBSF Best Strategy Finance Limited, a Cypriot Investment Firm (CIF).

TBSF is the owner and operator of binary options website CedarFinance.com, and the suspension gives it 30 days to comply with rules that CySEC deemed the company may have fallen out of compliance with, according to an official press release from CySEC.

The announcement comes just over a month after the firm received its CIF license, and the decision was taken by CySEC because the potential violations referenced appear to seriously endanger the interests of the Company's customers and the proper functioning of capital markets, as described in the CySEC issued press release (unofficially translated from Greek - see excerpt below).

According to legal and administrative sources familiar with CySEC registration and compliance procedures, 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 Magnates confirmed that when CySEC issues a CIF license for an existing Binary Options broker who used to operate under the grace period (like CedarFinance), there is a condition set by CySEC whereby the broker must meet certain obligations arising from the law within a specific time frame.

Based on CySEC’s announcement, it seems this company did not meet those conditions within the specified time frame and hence the suspension of their license.

The regulatory watchdog of Cyprus is becoming faster in policing its members, with the latest announcement coming just weeks after the firm had received its CIF license as mentioned above. It's not clear why the alleged violations occurred for such a newly licensed firm.

Below is an excerpt from the announcement, unofficially translated from Greek (using Google translate):

The Commission announces that the authorization of the Cyprus Company Investment Services , TBSF Best Strategy Finance Limited, No. 213/13 , has been suspended under Article 26 ( 2 ) of the Investment Services and Activities and Regulated Markets Law, as suspected for any breach of the conditions for authorization and in particular Articles 10 (1) – Original Chapter 11 – Founding document , 12 – Persons effectively direct 13 – Shareholders , 28 – Continuing Obligations , 33 – Shareholders .

The above decision was taken because the above potential violations appear to seriously endanger the interests of the Company’s customers and the proper functioning of the capital markets .

The Company shall, within one month , to take steps to comply with the above provisions.

Provided that for the duration of the suspension of the license , the Company may, under Article 26 (5 ) of that Act , to provide and / or presenting it provides – directly or through its website www.cedarfinance.com - any investment and ancillary services .

A company spokesperson declined to comment to Forex Magnates, after we had reached out to some of CedarFinance.com staff members who seemed surprised by the news.

Forex Magnates will follow this situation closely for further developments.