CySEC warns BuzzTrade parent firm, AirFinance lacks Cyprus Investment Firm (CIF) license. The regulator advises exercising caution.
20 June, AtoZForex – The Cyprus Securities and Exchange Commission (CySEC) has issued an announcement in regards to the firm Airfinance Pro Ltd. The regulator is reiterating that the company did not settle its obligations arising from the investment services provided.
On the 9th of November, 2016, the AirFinance Pro has renounced its Cyprus Investment Firm (CIF) license. The announcement covers more than just one brand. AirFinance Pro Ltd is a CIF firm and the owner and sponsor of such brands, as Buzztrade, Investing Area, Uptrade7, and CFD Royal.
AirFinance CySEC license
The story of Air Finance goes all the way back to the 20th June 2016. That time, the CySEC suspended AirFinance license due to possible noncompliance with regulator’s norms.
Then, in July 2016, AirFinance CySEC license suspension extended. Pursuant to section 26(5) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), Airfinance’s brands were not eligible to solicit nor acquire any new clients during the license suspension. On top of this, CySEC warned that AirFinance brands cannot receive, transmit or execute any orders from existing customers.
Afterward, CySEC extended the suspension of AirFinance Pro license in September. Finally, the firm has renounced its CIF license on the 9th of November.
CySEC warns BuzzTrade parent firm lacks CIF license
Today’s note from Cypriot watchdog states that the firm did not settle its obligations arising from the investment services provided. The CySEC states that Airfinance Pro Ltd still did not inform the regulator that it has settled its obligations. However, the firm had only three months from the date of license termination to do so. The Cypriot watchdog states in the official notice:
“The websites www.investing-area.com, www.buzztrade.com, www.binaryroyal.com, appear to be owned and/or managed by the Company though they should not be active and they should not appear to be providing investment services since the Company no longer holds such a license."
In addition, the CySEC mentions that it is further investigating the matter. The regulator urges the investors to be specifically cautious before conducting business with any financial firm.
Think we missed something? Let us know in the comments section below.