Boursotrade Regains CySEC License After 11-Month Suspension
The Cypriot financial regulator today said it has lifted its suspension that was handed down last year on the CIF license of ‘Boursotrade Ltd’, which operates several brands, according to a decision being made at the meeting dated February 12, 2018.
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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, which operates through http://www.boursebinary.com
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, as well as an alleged violation of section 67 of the Law (the company’s funds), and Article 92(1) of the European Regulation 575/2013 (Capital adequacy ratio).
During this time, the broker was not allowed to provide any services or enter into a business relationship with any person and 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 yet been made and no update is apparent.
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