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CySEC warns against binary options broker BuzzTrade

The Cyprus Securities and Exchange Commission (‘CySEC’) issued an announcement-warning on Tuesday with regard to Airfinance Pro Ltd. – a company which is no longer authorized to provide financial services, as its license was suspended by the commission and later renounced. The company operates several binary options brands, the most popular of which is BuzzTrade.

 

A check of the www.buzztrade.com website revealed that there is an announcement that the broker’s license was suspended on June 17, 2016. Several other websites (www.investing-area.com, www.binaryroyal.com) also appear to be owned and / or managed by Airfinance Pro Ltd. though they should not be active and they should not appear to be providing investment services since the Company no longer holds a CIF license.

 

CySEC has given BuzzTrade three-month term from the date of termination of license (renounced in November, 2016) to settle all its obligations arising from the investment services provided, but the company has not yet informed the regulator that it has done that.

 

CySEC said it is further investigating the matter. Nonetheless, Cypriot financial watchdog urges investors to be particularly cautious before conducting business with any investment institution and check whether it is duly licensed.

 

Previous month CySEC suspended partially the CIF license of XTrade, because the marketing materials provided by broker do not seem fair. Besides, XTrade does not seem to have in place adequate policies and procedures sufficient to ensure the compliance of those materials.

TAGS: CySEC  binary options  warning  BuzzTrade 
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