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CySEC Suspends License of Binary Options Broker T.B.S.F.

T.B.S.F. Best Strategy Finance Limited suffered a heavy regulatory blow today, as the Cyprus Securities and Exchange Commission (CySEC) suspended the license of the binary options broker. In an official statement on its webpage, the regulator says that the license of the company (number  213/13) is terminated for the time being due to violations of laws. 

In particular, we are talking about a series of alleged breaches of the Investment Services and Activities and Regulated Markets Law: 
- breaching the requirements for initial capital;
- violating the Memorandum of Association;
- breaches of the section regarding the directors of the business;
- violations concerning the Shareholders section of the law;
- problems with ongoing obligations.
The company should tackle the problems within a month or face termination of the license. While the suspension of the license is force, however, it cannot offer any trading or ancillary services through its website: This morning, shortly after the regulator published the announcement regarding T.B.S.F., the website was still functioning, promising its clients a full range of operations concerning binary options.
The regulatory move is a heavy hit against T.B.S.F., which secured its license as a Cyprus Investment Firm (CIF) just several months ago amid speedy influx of binary options brokers in Cyprus. The harsh decision is not a piece of news for CySEC though, as the watchdog has acted roughly numerous times against binary options brokers that dare to breach rules. In September, the watchdog issued a warning against TraderXP, another binary options broker for unauthorized offering of its services on the island. Apparently, CySEC is seeking to maintain a high-profile regulatory image: and it deserves this after being the first authority in the world to regulate binary options as financial instruments.
TAGS: T.B.S.F. Best Strategy Finance Limited  tbsf  tbsf binary options  binary option broker  cyprus  cysec  forex regulation  forex license  cysec license  binary options 
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