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CySEC Keeps License of Cedar Finance Suspended

The fortunes of Cedar Finance, the Cyprus-based binary options broker, continued to sour on Friday, as the Cyprus Securities and Exchange Commission (CySEC) prolonged the suspension of the company's license. In an official announcement - dated February 21, 2014 – the watchdog says that the license of T.B.S.F. Best Strategy Limited (TBSF), the company which owns Cedar Finance and operates the www.cedarfinance.com website, is still withdrawn under further notice. 

 
You may recall that the watchdog first suspended the Cyprus Investment Firm (CIF) license of TBSF on December 19, 2013 over a series of violations of the Investment Services and Activities and Regulated Markets Law. These include:
 
- not meeting the requirements for initial capital;
- breaches of the Memorandum of Association;
- violations of the section regarding the directors of the business;
- mishaps concerning the Shareholders section of the law;
- failures to meet ongoing obligations.
 
The CySEC back then gave the company a month to remedy the problems or face harsher penalties – the license is still suspended now, which means that it is not yet taken away but the website cannot offer any investment services. However, Cedar Finance's web page is up and running and even offering a special bonus program for the Olympics. 
 
The latest announcement by CySEC comes only a week after another watchdog that treats binary options trading seriously (that is like ways of investment, not gambling) – the British Columbia Securities Commission (BCSC) issued a warning about TBSF and Cedar Finance, noting that they had no authorization to offer investment services in Canada's province. 
 
Cedar Finance was also amid the numerous binary options brokers slammed by France's watchdog AMF for offering their services in the country without having regulatory permission to do so. 
TAGS: cysec  cyprus securities and exchange commission  binary options  binary options broker  cedar finance  tbsf  tbsf best strategy limited  tbsf license  license suspension  cif license  cysec license  forex regulation  binary options trading 
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