The Cypriot financial regulator today said that it has lifted last year’s suspension of the CIF license of Boursotrade Ltd, which operates several brands, according to a decision made at a meeting held on February 12, 2018.
Boursotrade Limited operates two forex and binary options providers. The first brand is BoursePro which is a regulated FX and CFDs brokerage firm operating as a subsidiary of BoursoTrade ltd and also registered in France with the Authorité de controle prudentiel (ACPR) of the Banque de France. The second brand is a binary options broker called Boursebinary.
Boursotrade Ltd, which holds registration number 235/14, had its license temporarily suspended in March 2017 after CySEC raised concerns over practices by the company and its executives that the watchdog deemed potentially not compliant with its regulatory obligations.
In particular, the broker was flagged for non-compliance with section 28(1) of the law which concerns persons who effectively direct its business, and an alleged violation of section 67 of the law (regarding the company’s funds), and Article 92(1) of the European Regulation 575/2013 (regarding capital adequacy ratio).
During this time, the broker was not allowed to provide any services, or enter into a business relationship with any person, or take on any new clients.
Around the time of the suspension, the binary options site went down, in what might have been a complete outage of the whole offering. Despite today’s development, no official statement has been made and no update is apparent.
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