de | cn | ru

Market News

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: www.cedarfinance.com. 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 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK, Bulgaria FCA, FSC Web €29 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

More Forex Market News

Germany will block Facebook's Libra

Sep 18 2019 17:13:56

This time it was the German government, who delivered yet another blow to Libra, the Facebook backed stable coin, that is planned to be launched in 2020. Read more

Facebook assures central banks not to fear Libra

Sep 17 2019 17:23:34

Facebook reassured world central banks that Libra, the new stable coin the social media giant plans to launch in 2020, will not replace sovereign currencies like the U.S. dollar or the Euro, and will not threaten the central banks’ control over money creation. Read more

Philippine police arrests 277 employees in connection to a forex scam

Sep 16 2019 17:33:44

Acting on a tip from the Chinese intelligence agency the Philippine police has arrested 277 Chinese nationals working for online forex and crypto scammers. Read more

FCA prepares for a no deal Brexit

Sep 12 2019 17:05:09

The Financial Conduct Authority (FCA) in the UK has opened an emergency phone line (+44 800 048 4255), as well as a series of specialized information websites that are intended to help the financial sector cope with the possible consequences of a no deal Brexit. Read more

Police in Taiwan warns of forex scams on dating websites

Sep 11 2019 14:08:40

The Criminal Investigation Bureau (CIB) in Taiwan warns of a new wave of investment scams on dating and chat websites, featuring a case of a man who lost over 4 million Taiwanese Dollars (128 000 USD). Read more

The Marshall Islands launches a sovereign crypto coin

Sep 04 2019 16:57:05

The Marshall Islands, the small Pacific nation that is also a favorite offshore destination for many brokers that prefer to avoid the strict regulations in Europe, the U.S. Read more

Dutch authorities to regulate all crypto dealing firms

Sep 03 2019 13:43:03

The Dutch Central Bank announced new rules for all companies dealing with crypto currencies that will take effect from January 2020. Read more

Ex-BinaryBook employee sentenced to a year in prison in the US

Sep 02 2019 14:26:10

  Israeli binary options operative Lissa Mel pled guilty to her role in $145 million scam scheme, and was sentenced to a year in prison and $288 024 in restitution to victims by a US federal court previous week. Read more

SEC settles with Bitqyck and its founders accused of $13m fraud

Aug 30 2019 12:53:53

  The US Securities and Exchange Commission (SEC) has settled with founders of crypto exchange Bitqyck over an alleged $13 million fraud. Bitqyck’s founders Bruce Bise and Sam Mendez will pay a civil penalty of $8.5 million on top of disgorgement and prejudgment interest. Read more

Forexbit ends up on FCA's warning list

Aug 29 2019 11:34:29

The Financial Conduct Authority (FCA) in the UK added Forexbit to its long list of companies that illegally target British customers and offer financial services without a license. Read more

de | cn | ru