Barclay Stone Reviews: CySEO returned licences to Forex brokers F1 Markets and Magnum FX

The activity of Cypriot companies was stopped on demand of the British regulator before.

The Cyprus Security and Exchange Commission, CySEO, announced the partial cancellation of the licences CIF of two Forex brokers F1 Markets and Magnum FX on Thursday. We also would like to remind, that on the very beginning of the month The Cyprus Security and Exchange Commission stopped the functioning of these licences and the licences of two more brokers on demand of the British regulator.

The Financial Conduct Authority (FCA) also announces before that these brokers were actively operating in the country without any working permission and due to this prohibited them to accept new clients ad required cancelling any cooperation with existing clients all over the Great Britain.

The British regulator also affirmed that these companies unfortunately don't provide their clients with all the necessary information about the essence and nature of the CFD and even under pressure are prompting them of venturing risky marginal deals of CFD with cryptocurrencies, currencies, stocks and indexes.

The violations have been corrected

The Cyprus Security and Exchange Commission, CySEO, recalled their decision about F1 Markets and Magnum FX after just fifteen days but for the two other Forex brokers like Capital and Rodeler has not changed anything. That means that the prohibition is going to be set as active till the very end of the month for them.

Due to the information of The Cyprus Security and Exchange Commission, CySEO, those two "forgiven" Forex brokers stopped accepting new clients, broke off any marketing and providing their services, but on the other hand also charges their internal auditor to estimate the accordance between the Article 9 of the Directive 87-05 and weekly reports for The Cyprus Security and Exchange Commission, CySEO.

Both Forex brokers, Magnum FX handling under the trademark ET Finance and F1 Markets are meant, selling as Investous, Stratton Markets and Europrime, also affirmed that they are about to venture deals with internal auditors to solve existing claims currently coming from their clients. Besides they are also aimed to restructure the existing administration system.

In the announcement of the temporary stoppage of the licence functioning the regulator declared that they could be threatened by additional penalties including paying fines and even recalling their licences, if these brokers do not take any offered measures on it.

Other three Cypriot Forex brokers stopped their activity in the Great Britain before this week. Nevertheless it is still not clear if they did it voluntarily or under the pressure of The Cyprus Security and Exchange Commission- this infomation we got from website br-stone.com reviews