One more license of a Cyprus investment firm (CIF) has gotten suspended. The Cyprus Securities and Exchange Commission (CySEC) announced today that, in accordance with a decision taken at a a meeting held on July 13, 2015, the authorisation of 1 T.C.R CORP. LTD (number 237/14), is suspended.
1 T.C.R CORP. LTD is ex 1 Financial ROD Ltd, whose name is associated with binary options brands like Tradarea.com.
In particular, the regulator has found that 1 T.C.R CORP. LTD breached section 28(1) of the Investment Services and Activities and Regulated Market Law of 2007: this sections concerns requirements for “persons who effectively direct the businessof a CIF”.
The rather harsh decision is attributed to the fact that the aforementioned violation “may possibly endanger the company’s clients’ interests and generally the smooth operation of the capital market”.
The Cypriot watchdog is suspending the license of the firm for a month – during this time the company has to implement measures in order to bring its operations in compliance with the law.
While the suspension of the authorisation is in force, the company cannot offer nor perform any investment services/activities.
To view the official announcement by CySEC, click here.