The multi-asset brokerage Starfish Markets (CY) Limited, which is trading as Starfish FX has renounced its Cyprus Investment Firm (CIF) Licence. Based on what reasons did the Forex broker renounced its license?
1st November, AtoZForex – The Cyprus Securities and Exchange Commission (CySEC) did not clarify why Starfish FX has decided to renounce its license. Back on the 18th of December last year, Starfish FX was granted the CIF license. However, the Forex broker never activated its license, even after CySEC sent a reminder to Starfish FX in march 2016. Now, close to a year since the CIF was granted, CySEC Forex broker Starfish FX renounced its license.
The parent firm of Starfish FX, Starfish Markets is registered in New Zealand for providing Financial Services and is also a part of the New Zealand Financial Dispute Resolution Program. The focus of Starfish FX is mainly in the Asian markets, offering Forex and Binary Options trading instruments to both retail and institutional clients.
Details of CySEC Forex Broker Starfish FX renouncement
According to the CySEC’ announcement, the parent firm of Starfish FX already renounced its license with authorization number 286/15, on the 30th of September this year:
"The CIF Starfish Markets (CY) Ltd, renounced its authorization pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’). Therefore, the authorization with Νumber 286/15 lapsed as from the 30th of September 2016.”
From this date onward, Starfish Markets (CY) has ended its CySEC’s authorisation of the investment services, regulated markets and activities law of 2007.
Why did Starfish FX renounce its CIF license?
The Forex broker already went through the procedures of changing its website and removed any references regarding authorisation or supervision by CySEC. It is not clear yet, why Starfish FX renounced its license. Despite the reminder of CySEC earlier this year to activate the CIF license, Starfish FX kept its license inactive for close to a year.
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